31st October 2016 Market Outlook

Aussie Loonie – AUD/CAD started to rally higher after price rejected its 1.0155 support level as we expected in our 28th October 2016 Market Outlook. Given that the trend is still bullish, 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 next resistance level at 1.0260.

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Japanese Yen – USD/JPY pullback into its 104.45–104.30 support area which traders may hunt for potential buying opportunities as price just breakout away from its consolidation last week which is likely going to lead price higher in the coming days. There is no immediate resistance level above until 107.00 which offer traders massive profit margin to trade the long side of the market.

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Euro Aussie – EUR/AUD pullback all its way back into its 1.4445 resistance level which could potentially stop price to rally higher and decline lower. Since we are still in a healthy down trend, traders may look for potential short setups at this resistance level. Ideally we would prefer to see price rejects the 1.4445 resistance level or any other confirmation before shorting this market to avoid false signals.

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28th October 2016 Market Outlook

Swedish Krona – USD/SEK shot up significantly higher after price pullback into its 8.8700–8.8360 support area and rejected it as we expected in our 24th October 2016 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position with a trailing stop below as price could potentially continue to rally higher in the coming days. Since we are in a new high, it’s best to trail our stop and let the market take us out instead of having a profit target to limit our potential gains in this strong bullish trend.

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Euro Loonie – EUR/CAD rejected its 1.4628 resistance level yesterday which could potentially lead price lower in the coming days. Traders may consider shorting this market and have the first target set near the 1.4380 support level. Conservative traders may wait for price to breakout below yesterday low or any other confirmation before shorting to decrease the odds of false signals.

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Aussie Loonie – AUD/CAD pullback into its 1.0155 support level yesterday which traders may hunt for buying opportunities as the longer term trend is still bullish at the moment. The next resistance level is not found until 1.0260 which offer traders huge profit margin to trade the long side of the market.

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27th October 2016 Market Outlook

Euro Loonie – EUR/CAD rally back into its 1.4628 resistance level after price performed a strong rejection at its 1.4380 and 1.4275 support level as we expected in our 20th October 2016 Market Outlook. Traders who went long as we recommended may consider taking profits or scale out the long position at the 1.4628 resistance level. Traders may also look for potential shorting opportunity at the 1.4628 resistance level for a quick short trade while a breakout above the 1.4628 resistance level is likely going to lead price even higher in the coming days.

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Loonie Dollar – USD/CAD rally higher after price pullback into its 1.3310 support level and rejected it. Given that price just breakout above its consolidation not long ago, traders may still look for potential buying opportunities in this market as price could continue to rally higher in the coming days. The next resistance level is not found until 1.3660 which offer traders huge profit margin to trade the long side of the market.

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Euro Aussie – EUR/AUD is making its way back to its 1.4351 key resistance level. Given that the overall trend is still bearish, traders may consider shorting this market when price pullback into the 1.4351 key resistance level. Ideally we would prefer to see price rejects the 1.4351 key resistance level before shorting this market for a safer entry.

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26th October 2016 Market Outlook

Japanese Yen – USD/JPY performed a false breakout at the 104.30 resistance level yesterday which could potentially push price lower in the coming days. However due to short term momentum is bullish at the moment, conservative traders may wait for further confirmation before shorting this market or wait for a breakout above this consolidation and buy into the breakout to ride on the bullish momentum while aggressive traders may consider shorting this market as the false breakout at the 104.30 resistance level could cause price to pullback before rally higher.

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Aussie Loonie – There’s a support area below current price in AUD/CAD at 1.0240–1.0230 which traders may hunt for potential buy setups as the long term trend is bullish at the moment. If price breaks below the 1.0240–1.0230 support area, traders may still look for potential buying opportunities at the next support level at 1.0155 as it’s a key support level where price could potentially bounce.

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China Offshore Yuan – USD/CNH continue with its strong bullish trend and continue to print new high on the chart. Given that the long term trend is very bullish at the moment, traders may consider buying into this market when price pullback into the 6.7630 support level. Ideally we would prefer to see price rejects this support level before buying into this market for a safer entry.

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25th October 2016 Market Outlook

Euro Pound – EUR/GBP is making its way back into its 0.8800–0.8710 support area. Given that the overall trend is still bullish, traders may consider buying into this market when price pullback into this support area. Ideally we would prefer to see price rejections or any other confirmation at this support area before buying into this market for a safer entry.

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Euro Kiwi – EUR/NZD is currently trading within the range of 1.5840–1.5770 resistance area and 1.5120–1.5025 support area. Price rejected the 1.5120–1.5025 support area over the last few trading days which could potentially push price back up into its 1.5840–1.5770 resistance area. Given that the overall long term trend is still bearish, conservative traders may wait for price to breakout below the 1.5120–1.5025 support area and short this market to ride on the long term bearish trend while aggressive traders may buy into this market for a short term trade.

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Japanese Yen – USD/JPY continue to consolidates below its 104.30 resistance level but starts to showing some strength which could lead to a breakout of 104.30 resistance level. Traders may consider buying into this market at the breakout of 104.30 resistance level to ride on the potential bullish momentum.

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24th October 2016 Market Outlook

Loonie Dollar – USD/CAD is trying to breakout from its 6 months old consolidation. Price closed above the resistance level last Friday which could lead price higher in the coming days. Traders may consider buying into this market as price is likely going to continue to rally higher into its next resistance level at 1.3660 resistance level.

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Swedish Krona – USD/SEK breakout higher and printed a new high in the chart. Given that the long term trend is very bullish at the moment, traders may consider buy this market especially when price pullback into its 8.8700–8.8360 support area. Ideally we would prefer to see price rejects this support area before buying into this market for a safer entry.

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Pound Loonie – GBP/CAD is making its way back into its 1.6700–1.6610 resistance area. Given that the long term trend is still bearish, traders may consider short this market when price pullback into the 1.6700–1.6610 resistance area. There’s no immediate support level below which offer traders huge profit margin to trade the short side of the market.

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21st October 2016 Market Outlook

Euro Dollar – EUR/USD continue to fell lower after price breakout below its 1.0960 support level as we expected in our 17th October 2016 Market Outlook. Traders who went short at the 1.1045 resistance level as we recommended in our 14th October 2016 Market Outlook and those who went short at the breakout of 1.1123–1.1105 support area as we recommended in our 11th October 2016 Market Outlook may consider continue holding onto the short position with a trailing stop behind as price could potentially decline lower into its next support level at 1.0820 support level.

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Kiwi Dollar – NZD/USD rejected its 0.7220–0.7200 resistance area yesterday which could potentially send price lower in the coming days. Given that the sentiment is bearish at the moment, traders may consider shorting this market and have the first target set near previous swing low at around 0.7035 price level and a stop loss above previous day high to limit our loss in case price do not move in our favor.

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Aussie Loonie – AUD/CAD pullback into its 1.0070–1.0055 support area which could potentially push price higher in the coming days. Traders may consider buying into this market as the overall trend is still bullish as well. The next resistance level is located at 1.0165 which offer traders decent profit margin to trade the long side of the market.

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20th October 2016 Market Outlook

Euro Loonie – EUR/CAD performed a strong rejection at its 1.4380 and 1.4275 support level. Given that the market is moving in a range at the moment and price rejects the lower end of the trading range, traders may consider buying into this market as price is likely going to rally back into its 1.4628 resistance level in the near term.

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Gold – Gold started to rally after price found some support below at 1250.00 as we discussed in our 10th October 2016 Market Outlook. Traders who went long at the 1250.00 support level may consider continue holding onto the long position as price could rally back up into its 1308.00–1303.00 resistance area in the near term. However if price fell lower and breakout below its 1250.00 support level, we are then likely going to see further decline in this market.

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Aussie Dollar – AUD/USD rally back into its 0.7755–0.7730 resistance area yesterday which traders may look to short as price could potentially pullback lower in the coming days. There’s no immediate support level below which offer traders huge profit margin to trade the short side of the market.

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19th October 2016 Market Outlook

Euro Loonie – EUR/CAD is currently trading at its 1.4380 support level which traders may hunt for potential buying opportunities here especially on the lower time frames charts as price is currently trading within a range and price could potentially retest its 1.4628 resistance level in the near term.

eurcadrdaily

 

Euro Yen – EUR/JPY continue fell lower after price failed to breakout above its 116.30 resistance level as we expected in our 7th October 2016 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position and may also add a trailing stop behind as the bears start to gets weaker as we can see through the price action. Traders who went short may have the target set near the 112.35 support level as it’s the lower end of the trading range where buyers are likely going to come into the market.

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Loonie Yen – The shorter term trend of CAD/JPY had turned bullish and we had a short term support level below at 78.88 which if price pullback into the support level, traders may then hunt for potential buying opportunities. Ideally we would prefer to see some rejections or confirmation before shorting this market for a safer entry.

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18th October 2016 Market Outlook

Aussie Kiwi – AUD/NZD rejected its 1.0770–1.0740 resistance area yesterday which could potentially push price lower in the coming days. Given that the long term trend is still bearish, traders may consider taking a short position around this resistance area to ride on the bearish trend.

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Kiwi Dollar – NZD/USD is moving back towards its 0.7220–0.7200 resistance area. The short term momentum is bearish at the moment therefore traders may consider shorting the resistance area for a quick trade. Ideally we would prefer to see price rejects the resistance area before shorting this market to avoid false signal.

nzdusdrdaily

 

Swedish Krona – USD/SEK rejected its key resistance level which could cause price to pullback lower before it could rally higher. Given that the long term trend is bullish at the moment, conservative traders may wait for price to pullback into support level before buying into this market while aggressive traders may consider shorting this market for a quick counter trend trade as price is likely going to pullback in the coming days.

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