30th May 2014 Market Outlook

Australian Dollar – Followed by yesterday strong bullish move in AUD/USD, price has hit a resistance level today morning at 0.9326. Given that the strong bullish move we have yesterday, traders may attempt to enter a long position when price retrace back to 0.9270 support level. If price breaks through 0.9326 resistance level, we may see price continue this upwards movement till 0.9395 key resistance level.

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Euro Pound – EUR/GBP yesterday shows rejection at 0.8140 resistance level, given that the overall long term trend is bearish, traders may consider shorting this resistance. We may see price continue to move lower in the coming days if price continue to stay below 0.8140 resistance level. The next support level locate at 0.8085 however we have a short term support level at 0.8103, traders may need to keep an eye on these levels.

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Euro Swiss – EUR/CHF continue to trade within its current range. Price is currently at the lower end of the trading range and we may see price moves higher from this 1.2205 support level to 1.2231 resistance level which is the higher end of the range. However if price breaks below the 1.2205 support level, it will open the door for bigger drop.

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