29th July 2016 Market Outlook

Japanese Yen – USD/JPY decline lower into its 103.40 support level after price rejected its 106.75 resistance level as we expected in our 26thJuly 2016 Market Outlook. Traders who went short as we recommended may consider taking partial profits off the table at the 103.40 support level to lock in profits while holding the rest position with a trailing stop behind. If price is able to breakout below its 103.40 support level, we are then likely going to see further decline in this market.

USDJPYrDaily

 

Swedish Krona – USD/SEK performed a false breakout at the 8.6145 support level which could potentially push price back up in the coming days. Traders who went long at the 8.4390–8.3800 support area as we recommended in our 30th June 2016 Market Outlook may consider continue holding onto the long position and may also scale in the long position at the 8.6145 support level as we have a false breakout taking place at the 8.6145 support level.

USDSEKrH4

 

Euro Loonie – EUR/CAD finally breakout away from its consolidation as we can see through price breaking above its bearish trend line. Traders may consider buy into this market as the breakout could potentially lead price higher into its 1.5120–1.5010 resistance area. Traders may also trail the stops along the way to lock in profits if price reverse back down.

EURCADrDaily

28th July 2016 Market Outlook

Kiwi Dollar – NZD/USD rally higher after the retracement and price rejection at the 0.6970 support level as we expected in our 22nd July 2016 Market Outlook. Traders who went long as we recommended may continue holding onto the long position as the next resistance level is still quite a distance away from current price and traders may have the profit target set near the 0.7295 resistance level.

NZDUSDrDaily

 

Aussie Kiwi – AUD/NZD breakout below its 1.0609 support level as we expected in our 27th July 2016 Market Outlook after we saw the rejections of higher prices within the trading range. Traders who went short at the breakout of 1.0609 support level may consider continue holding onto the short position as we are likely going to see price decline lower into its 1.0540 support level while traders who missed the shorting opportunity may still hunt for potential short setups when price pullback into the 1.0609 resistance level (Previous support level).

AUDNZDrH4

 

Swedish Krona – USD/SEK rally higher after price rejected its 8.4390–8.3800 support area as we expected in our 30th June 2016 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position with a trailing stop behind to lock in profit as price could potentially continue to rally into its 8.7440 resistance level in the coming days. On the other hand, traders who missed the buying opportunity may consider buy into this market at the short term support level at 8.6145 to ride on this bullish momentum. Ideally we would prefer to see price rejects this support level before buying into this marekt for a safer entry.

USDSEKrH4

27th July 2016 Market Outlook

Aussie Loonie – AUD/CAD shot up into the 0.9960 resistance level after price pullback into its 0.9755 support level and rejected it as we expected in our 20th July 2016 Market Outlook. Traders who went long as we recommended would have bagged a nice 200 pips move. If price is able to breakout above the 0.9960 resistance level, we are then likely going to see price rally even further in the coming days.

AUDCADrDaily

 

Euro Pound – The consolidation in EUR/GBP is getting tighter as days passed. We could potentially see a strong breakout when price eventually decide to get out of this consolidation. The long term trend is still bullish therefore traders may consider buy into this market when price breakout above the consoldiation. Even though the long term trend is still bullish, there’s still a potential breakout to the downside into its 0.8105 support level.

EURGBPrDaily

 

Aussie Kiwi – AUD/NZD is currently trading within the range of 1.0770 resistance level and 1.0609 support level. We are seeing a few rejections of higher prices in the last few days which shows the bears are gaining its control in this market. If price breakout below its 1.0609 support level, we are then likely going to see price decline even lower into its 1.0540 support level and traders may short this market at the breakout of the 1.0540 support level.

AUDNZDrH4

26th July 2016 Market Outlook

Loonie Yen – CAD/JPY fell lower after price rejected its 82.25 resistance level as we expected in our 19th July 2016 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as price is likely going to continue to decline lower after price breaks its 79.90 resistance level.

CADJPYrDaily

 

Loonie Dollar – USD/CAD finally breakout from its consolidation which could potentially open up the door for potential further rally in the coming days. Traders may consider buy into this breakout or look for potential pullback setups on the lower time frame to jump on this breakout momentum. There’s no immediate resistance level above which offer traders huge profit margin to trade the long side.

USDCADrDaily

 

Japanese Yen – USD/JPY decline lower after price rejected its 106.75 resistance level as we expected in our 22nd July 2016 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position while trailing the stop behind. There’s a support level below at 103.40 which may serve as the first profit target for traders to lock in profits while if price breaks the 103.40 support level, we are then likely going to see further decline in this market in the coming days.

USDJPYrDaily

25th July 2016 Market Outlook

Euro Kiwi – EUR/NZD pullback into its 1.5880–1.5840 resistance area and rejected it showing that the bears are still in control of this market. The longer term trend is still bearish as well therefore traders may consider shorting this market to ride on the bearish trend. There’s no immediate support level below which offer traders great profit margin to trade the short side.

EURNZDrDaily

 

Aussie Yen – AUD/JPY is currently consolidating below its 81.10 resistance level. We could potentially see price decline into its 77.35 support level in the short term. Traders may consider short this market into its 77.35 support level or wait for price to breakout above its 81.10 resistance level and buy into the breakout as if price breakout above the 81.10 resistance level, we are then likely going to see price rally higher into its next resistance level at 86.31.

AUDJPYrDaily

 

Euro Aussie – EUR/AUD pullback into its 1.4800 resistance level and rejected it on last Friday. Given that the trend is still bearish at the moment, traders may consider shorting at the 1.4800 resistance level to ride on the bearish trend. Traders who short this market may have the first target set near previous swing low to lock in profits if price decline after the rejection.

EURAUDrDaily

22nd July 2016 Market Outlook

Aussie Loonie – AUD/CAD rejected its 0.9755 support level and started to rally after price pullback into its support level as we expected in our 11th July 2016 Market Outlook. Traders who went long as we reocmmended may consider continue holding onto the long position as we are likely going to see price continue to rally higher in the coming days. Price could potentially retest its 0.9960 resistance level in the near term as well which may serve as the profit target for buyers.

AUDCADrDaily

 

Japanese Yen – USD/JPY rejected its 106.75 resistance level yesterday which could potentially push price lower in the coming weeks. Given that the long term trend is still bearish, traders may consider short this market to jump on the bearish trend.

USDJPYrDaily

 

Kiwi Dollar – NZD/USD retrace back even lower into its 0.6970 support level and we could see that price rejected it yesterday signaling bulls coming into the market. Although over the shorter term, price is trading in a range but the longer term trend is still bullish therefore traders may consider buying into this market to ride on the bullish trend. If price breakout below its 0.6970 support level, we are then likely going to see price decline even further into its next support level at 0.6675.

NZDUSDrDaily

21st July 2016 Market Outlook

Aussie Dollar – AUD/USD decline lower into its trend line after price performed a false breakout at the 0.7642 resistance level as we expected in our 19th July 2016 Market Outlook. Traders who went short as we recommended may consider taking partial profits off the table to lock in profits. If price breaks below the up slopping trend line, we are then likely going to see price decline even lower into its next support level at 0.7290 while if price bounce at the trend line, price could retest its 0.7642 resistance level in the near term.

AUDUSDrDaily

 

Gold – Gold pullback into its 1308.00–1303.00 support area as we expected in our 13th July 2016 Market Outlook. Given that the long term trend is still bullish, traders may hunt for buying opportunities at the 1308.00–1303.00 support area to ride on the bullish trend.

XAUUSDrDaily

 

Euro Aussie – EUR/AUD is making its way back into its 1.4800 resistance level. The trend is still bearish at the moment therefore traders may hunt for potential short setups at the 1.4800 resistance level. Ideally we would prefer to see price rejects the resistance level before shorting for a safer entry. Traders may have to take note that we are near to the key support area which could cause price to bounce or chops around before it shows up clear direction.

EURAUDrDaily

20th July 2016 Market Outlook

Kiwi Dollar – NZD/USD is currently trading at its 0.7045–0.6970 support area which traders may hunt for buy setups as the overall trend is still bullish and we could potentially see price rally back up into its 0.7295 resistance level in the coming days. Traders who are long in this market may also have the first profit target set near 0.7295 resistance level to lock in profits.

NZDUSDrDaily

 

Aussie Loonie – AUD/CAD pullback into its 0.9755 support level as we expected in our 11th July 2016 Market Outlook. Since the trend is still bullish, traders may hunt for buy setups especially on the lower time frame to jump on the bullish trend. The next key resistance level is located at 1.0000 which is also a big round number/psychological level therefore traders have ample room to trade the long side of this market.

AUDCADrDaily

 

NZD/CAD – NZD/CAD rejected its 0.9105–0.9055 support area yesterday which could potentially push price higher in the coming days. Recent momentum had been very bearish as we could see through the strong selloff on the chart but the longer term bullish trend is still there supporting price. Traders will need to be more cautious in placing stops and profit targets as we could see some volatile swing in this market.

NZDCADrDaily

19th July 2016 Market Outlook

Aussie Dollar – AUD/USD performed a false breakout at the 0.7642 resistance level which could push price back lower into its trend line. Aggressive traders may consider shorting this market into the trend line and if price breaks the trend line, we will have a confirmed false breakout which price could potentially decline even lower in the coming days and could potentially retest its 0.7290 support level.

AUDUSDrDaily

 

Loonie Yen – CAD/JPY rally all the way back up into its 82.25 resistance level where traders may hunt for potential short setups as the long term trend is still bearish. Although the long term trend is still bearish, traders who intended to short this market will need to be cautious on stop placement and profit targets as there’s a support level below near 79.90 which could cause price to bounce.

CADJPYrDaily

 

NZD/CAD – NZD/CAD has been very bearish in the last couple days. Given that the momentum is very bearish at the moment, traders may consider shorting this market if price pullback into its 0.9168 resistance level. Ideally we would prefer to see price rejects the 0.9168 resistance level before shorting for a safer entry.

NZDCADrH4

18th July 2016 Market Outlook

Japanese Yen – USD/JPY rally up into its 106.40–105.60 resistance area and rejected it on last Friday. Given that the long term trend is still bearish, traders may consider shorting this market to jump on the bearish trend. There’s no significant support level below but traders may still have the first target set near the previous swing low around 99.00 to lock in profits if price move in our intended direction.

USDJPYrDaily

 

Kiwi Dollar – NZD/USD is making its way back into its 0.7045 support level which traders may consider looking for potential buy setups as it’s a weekly support level and the trend is still bullish at the moment. If price bounce off this support level, we are then likely going to see price rally back up into its 0.7295 resistance level in the coming days.

NZDUSDrDaily

 

Pound Yen – GBP/JPY once again rejected its 140.50–139.10 resistance area which traders may consider shorting as the overall trend is still bearish at the moment. Conservative traders may wait for price to breaks below the previous day low before shorting as it can serve as a confirmation for traders and decrease the odds of fake signals.

GBPJPYrDaily