Pound Kiwi – GBP/NZD pullback into its 2.1708 support level and started to rally higher gradually in the last few days. Traders who went long as we recommended may consider continue holding onto the long position with a trailing stop behind as we are likely going to see price continue to rally higher into its next resistance level at 2.2000. If price is able to breakout above its 2.2000 resistance level, we are then likely going to see price continue rally higher into its next resistance level at 2.2450.
China Offshore Yuan – USD/CNH rallied higher after price rejected its 6.5575 support level as we expected in our 23rd May 2016 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position as price is likely going to continue to rally higher into its 6.6070 resistance level in the coming days. Traders may also trail the stop loss to lock in profits in case price reverse back down.
Aussie Dollar – AUD/USD is making its way back into the 0.7255 resistance level which traders may consider looking for potential short setups to jump on the bearish trend. Ideally we would prefer to see price rejects the 0.7255 resistance level before shorting for a safer entry. There’s no immediate support level below which offer traders huge profit margin to trade the short side.