31st August 2016 Market Outlook

Gold – Gold fell lower into its 1308.00–1303.00 support area after price breakout below its consolidation as we expected in our 22nd August 2016 Market Outlook. Traders who went short as we recommended may consider taking partial profits off the table at the support area to lock in profits. If price rejects the 1308.00–1303.00 support area, traders may then consider buying into this market while if price breakout below its support area, we are then likely going to see further decline in the coming weeks.

XAUUSDrDaily

 

Japanese Yen – USD/JPY bounce higher after price rejected its 100.00 key support level which is also a big round number/psychological level. We have a support level below at 102.65 which traders may hunt for potential buy setups. Ideally we would prefer to see price pullback and rejects the 102.65 support level especially on the lower time frame before buying into this market for a safer entry and avoid false signal.

USDJPYrDaily

 

Aussie Dollar – AUD/USD rejects its channel resistance level and fell lower as we expected in our 30th August 2016 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 to decline lower.

AUDUSDrH4

30th August 2016 Market Outlook

Euro Yen – EUR/JPY rally into its 114.70 resistance level after price breakout above its consolidation and quickly fell back into its consolidation as we expected in our 29th August 2016 Market Outlook. Traders who went short as we recommended may consider taking partial profits off the table as price is entering back into its consolidation. This could also be a false breakout of the consolidation which could lead price lower in the coming days. Traders who missed the shorting opportunity may still hunt for potential short setups as the trend is still bearish at the moment.

EURJPYrH4

 

Aussie Dollar – AUD/USD breaks below its channel yesterday which could potentially cause price to decline in the coming days. However if price retrace back up into its channel, we will then have a false breakout. The short term trend is bullish therefore traders who would like to short this market may have to be more careful in stop placement and profit target.

AUDUSDrDaily

 

Norwegian Krone – USD/NOK rejected its 8.2920 resistance level yesterday which could potentially push price back lower into its 8.0700–8.0400 support area. Given that the short term momentum is bearish at the moment, traders may consider short this market for a quick bearish ride.

USDNOKrDaily

29th August 2016 Market Outlook

China Offshore Yuan – USD/CNH shot up higher after price breakout above its 6.6688 resistance level as we expected in our 26th August 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 6.7160 resistance level in the coming days. Traders who missed the buying opportunity may still hunt for potential buy setups when price pullback into the 6.6688 support level (Previous resistance level) as the long term trend is still bullish at the moment.

USDCNHrDaily

 

Loonie Dollar – USD/CAD rally into its 1.3000 resistance level which is also a big round number/psychological level. Traders may hunt for short setups at this 1.3000 resistance level as price could decline lower in the coming days. Ideally we would prefer to see some rejections or confirmation before shorting this market to avoid any false signal as trading inside a range could be choppy and tricky sometime.

USDCADrDaily

 

Euro Yen – EUR/JPY breakout above its consolidation and is moving higher into its 114.70 resistance level. Given that the long term trend is still bearish, the rally could be short lived as the 114.70 resistance level could be a huge obstacle for price to continue its rally. If price rejects the 114.70 resistance level, traders may then hunt for potential short setups to jump on the bearish trend while if price is able to breakout above the 114.70 resistance level decisively, we are then likely going to see further rally in this market in the coming weeks.

EURJPYrH4

26th August 2016 Market Outlook

Aussie Loonie – AUD/CAD rally higher after price rejected its 0.9755–0.9733 support area as we expected in our 22nd August 2016 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position as price could potentially rally higher in the coming days. Traders may also have a trailing stop behind to lock in profits in case price reverse back down.

AUDCADrDaily

 

China Offshore Yuan – USD/CNH failed to decline lower after the rejection of 6.6688 resistance level but price breakout above the resistance level which now turned into a support level. Given that the long term trend is still bullish, traders may consider buying into this market to ride on the bullish trend or wait for price to pullback into its 6.6688 support level (Previous resistance level) before buying for a more favorable risk:reward.

USDCNHrDaily

 

Euro Aussie – EUR/AUD continue to consolidates under the 1.4900 resistance level and started to show some bearish sign earlier today. Given that the trend is bearish, traders may consider shorting this market to ride on the trend while if price  breakout above the 1.4900 resistance level, traders may consider buy into the breakout as if price breakout above the 1.4900 resistance level, we are then likely going to see further rally in the coming days.

EURAUDrDaily

25th August 2016 Market Outlook

Euro Dollar – EUR/USD is making its way back into its 1.1233–1.1220 support area. Given that the short term momentum is bullish at the moment, traders may consider buying into this market if price pullback into the support area to jump on the bullish trend. The next resistance level is located at 1.1415 which offer traders huge profit margin to trade the long side of the market.

EURUSDrDaily

 

Silver – Silver pullback into its 18.45–18.30 support area which traders may hunt for potential buy setups as price could rally back up into its 19.25 resistance level. Ideally we would prefer to see price rejects the support area or any other confirmation before buying into this market for a safer entry. If price breaks the 18.45–18.30 support area, traders may still hunt for potential buy setups at the next support area at 17.95–17.75.

XAGUSDrDaily

 

Aussie Kiwi – AUD/NZD breaks below its 1.0440 support level yesterday which turned into a resistance level which traders may look for potential shorting opportunity if price pullback into the 1.0440 resistance level (Previous support level). Given that the trend is bearish at the moment, we are likely going to see price continue to decline lower into its 1.0310 support level in the coming days.

AUDNZDrH4

24th August 2016 Market Outlook

Euro Pound – EUR/GBP failed to hold up above its support level and break lower with a double top chart pattern. Price could potentially decline lower and cause a stronger corrective wave after the double top formation. Although the overall trend is still bullish, traders may hunt for potential shorting opportunity if price pullback into the neckline of the double top at 0.8590 as the short term momentum is bearish after the double top chart pattern is formed.

EURGBPrH4

 

Loonie Dollar – USD/CAD still trading within its trading range after price performed a false breakout at the 1.3182–1.3141 resistance area. Price is likely decline into its lower end of the trading range at 1.2654 support level and we have a short term resistance level above at 1.3000 which is a good spot for traders to look for short setups. Ideally we would prefer to see some rejections or confirmation before shorting this market to avoid any false signal as trading inside a range could be choppy and tricky sometime.

USDCADrDaily

 

Euro Yen – EUR/JPY has been in a consolidation mood in the last few weeks. It’s likely that price continue to stay within its consolidation until this Friday as market participants remain at the sideline and observe the upcoming important event (rate hike). The long term trend is bearish though as we could see through the higher time frame charts therefore traders may anticipate for a breakout to the downside or price perform a false breakout near the 114.70 resistance level and fell lower into its 110.90 support level.

EURJPYrH4

23rd August 2016 Market Outlook

Kiwi Dollar – NZD/USD is struggling to breakout above its 0.7330–0.7295 resistance area. Traders who went long at the 0.6970 support level as we recommended in our 28th July 2016 Market Outlook may consider holding onto the buy position as price could potential breakout above the 0.7330–0.7295 resistance area and rally higher. Traders who missed the earlier buying opportunity may buy at the breakout of the 0.7330–0.7295 resistance area to jump on the bullish trend.

NZDUSDrDaily

 

China Offshore Yuan – USD/CNH rejected its 6.6688 resistance level yesterday which could potentially cause price to decline lower in the coming days. The long term trend is still bullish though therefore conservative traders may stay at the sideline and wait for potential buy setups while aggressive traders may consider short this market as the shorter term trend is moving sideway at the moment.

USDCNHrDaily

 

Silver – Silver breakout below its short term consolidation with a gap yesterday. The long term trend is still bullish but the short term trend had turned bearish after price breaks below its consolidation. Price could potentially pullback into its 19.25 resistance  level to fill up the gap before decline lower. If price indeed pullback into its 19.25 resistance level, traders may hunt for potential short setups to jump on the bearish trend.

XAGUSDrH4

22nd August 2016 Market Outlook

Aussie Dollar – AUD/USD performed a false breakout at the 0.7675–0.7642 resistance area. Price could potentially pullback into its up slopping trend line before bouncing higher in the coming days. Traders may wait for price to pullback to the trend line and hunt for buy setups to ride on this bullish trend. On the other hand, if price breaks below the trend line, we are then likely going to see further decline in the coming weeks.

AUDUSDrDaily

 

Gold – Gold breakout below its consolidation earlier today which could potentially lead price lower into its 1308.00–1303.00 support area. If price is able to close below the consolidation, we will then have a confirmation and traders may consider shorting this market. Aggressive traders may also short this market without waiting for the close to get a better entry. The long term trend is bullish though therefore traders who consider to short this market will need to be more cautious on stops placement and profit target.

XAUUSDrDaily

 

Aussie Loonie – AUD/CAD fell all its way back into its 0.9755–0.9733 support area after price rejected its 1.0085 resistance level. Traders may hunt for potential buy setups near the 0.9755–0.9733 support area as we could see some bounce over here. Ideally we would prefer to see some confirmation before buying as the support area isn’t a key support area.

AUDCADrDaily

19th August 2016 Market Outlook

Euro Pound – EUR/GBP pullback into its 0.8625 support level after price breakout above the resistance level. Given that the overall trend is still bullish, traders may hunt for buying opportunities at this 0.8625 support level to ride on the bullish trend. Traders who went long at the breakout of the consolidation as we recommended in our 27th July 2016 Market Outlook may consider scale in and continue holding onto the long position as price is likely going to continue to rally higher into its next resistance level at 0.8770.

EURGBPrH4

 

Gold – Gold is currently consolidating and is forming a triangle chart pattern. Price could breakout either way but the long term trend is still bullish at the moment. If price breaks below its triangle chart pattern, we are then likely going to see price pullback into its 1308.00–1303.00 support area while if price breakout above the consolidation, we are then likely going to see further rally into its $1390.00 resistance level.

XAUUSDrDaily

 

Euro Aussie – EUR/AUD continue to rally higher after price rejected its 1.4445–1.4351 key support area. Price is approaching its 1.4900 resistance level which if price is able to breakout above the 1.4900 resistance level, we are then likely going to see further rally while if price rejects the 1.4900 resistance level, we are then likely going to see price decline lower in the coming days.

EURAUDrDaily

18th August 2016 Market Outlook

Japanese Yen – USD/JPY decline all the way back into its 100.00 key support level which is also a big round number/psychological level as we expected in our 2nd August 2016 Market Outlook. Traders who went short at the 106.75 resistance level as we recommended may consider taking profits at this very key support level to lock in profits or at least scale out the position and trail the remaining position with a trailing stop behind. If price is able to breaks below its 100.00 key support level, we are then likely going to see further decline in the coming days.

USDJPYrDaily

 

Euro Aussie – EUR/AUD rally higher into its 1.4800 resistance level after price rejected its 1.4445–1.4351 key support area as we expected in our 15th August 2016 Market Outlook. Traders who went long as we recommended may consider taking profits at the 1.4800 resistance level as this is a counter trend trade. Traders may also hunt for potential shorting opportunity around the 1.4800 resistance level to ride on the bearish trend.

EURAUDrDaily

 

Pound Aussie – GBP/AUD pullback into its 1.7050 resistance level and rejected it yesterday which could potentially push price back lower in the coming days. Given that the longer term trend is still bearish at the moment, traders may consider shorting this market to ride on the bearish trend and have the first target near the previous swing low at around 1.6720.

GBPAUDrH4