26th July 2018 Market Outlook

Silver – Silver pullback into its 15.78–15.67 resistance area earlier today which traders may consider shorting to jump on the bearish trend. Ideally we would prefer to see some price rejections or any other form of confirmations before shorting this market to avoid false signals.

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Aussie Loonie – AUD/CAD started to decline lower after price rejected its 0.9790–0.9770 resistance area as we expected in our 11th July 2018 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind as price is likely going to continue its decline in the coming days.

AUDCADrDaily

 

Pound Dollar – GBP/USD short term trend has turned bullish and we have a support level located at 1.3150 where traders may consider buying into if price pullback into it. Ideally we would prefer to see some price rejections or any other form of confirmations before buying into this market for a safer entry. Given that the overall long term trend is still bearish, conservative traders may wait at the sideline for potential short setups to jump on the long term bearish trend.

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