28th February 2017 Market Outlook

Swedish Krona – USD/SEK rally higher after price rejected its 8.7000 key support level and continue its rally after price breakout above its 8.9900 resistance level as we expected in our 10th February 2017 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 profits in case price moves against us. Price is likely going to continue its rally into its next resistance level at 9.4400.

USDSEKrDaily

 

Japanese Yen – USD/JPY pullback into its 112.85–112.95 resistance area yesterday. Given that the trend is still bearish at the moment, traders may consider shorting this market at the 112.85–112.95 resistance area to ride on the bearish trend. There’s no immediate support level below which offer traders huge profit margin to trade the short side of the market.

USDJPYrH1

 

Euro Yen – EUR/JPY had a strong rejection off its 118.45 support level yesterday which could lead price higher in the coming days. The short term trend is bearish while the long term trend is still bullish therefore traders may consider buying into this market. Ideally we would prefer to see some confirmation such as waiting for price to breakout above yesterday high before buying into this market to avoid buying into false signal.

EURJPYrDaily

27th February 2017 Market Outlook

Euro Yen – EUR/JPY decline into its 118.45 support level after price rejected its 120.30 resistance level and 121.30 resistance level as we expected in our 21st February 2017 Market Outlook and 10th February 2017 Market Outlook. Traders who went short at the resistance levels as we recommended may consider taking partial profits off the table while leaving the rest to run further with a trailing stop. If price is able to breakout below the 118.45 support level, we are then likely going to see further decline coming into this market in the coming days.

EURJPYrH4

 

Loonie Yen – CAD/JPY decline lower after price rejected the upper channel line of the descending channel as we expected in our 14th February 2017 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position and trail the stop loss lower to lock in profits. Price is likely going to continue to decline lower into its lower end of the channel which may also serve as the first target for short sellers to secure profits.

CADJPYrDaily

 

Kiwi Yen – NZD/JPY formed a double top chart pattern at its 80.75 support level. If price breakout below the 80.75 support level which is also the neckline of the double top, we are then likely going to see further decline into its 79.30 support level. Traders may consider shorting at the breakout of 80.75 support level to ride on the potential bearish breakout move.

NZDJPYrDaily

24th February 2017 Market Outlook

Gold – Gold rally into its 1250.00 resistance level after price rejected its 1218.50 support level as we expected in our 14th February 2017 Market Outlook. Traders who went long as we recommended may consider taking partial profits off the table at the 1250.00 resistance level. If price is able to breakout above the 1250.00 resistance level, we are then likely going to see further decline coming into this market in the coming days.

XAUUSDrH4

 

Kiwi Dollar – NZD/USD rally into its 0.7235 resistance level as we expected in our 23rd February 2017 Market Outlook. Traders who went long as we recommended may consider taking profits at this 0.7235 resistance level as price could potentially decline lower before continue to rally higher. Traders may also hunt for potential shorting opportunity at the 0.7235 resistance level and have the target set near the 0.7135 support level.

NZDUSDrH4

 

Pound Dollar – GBP/USD finally breakout away from its consolidation which opened up the door for potential further rally in this market. Traders may consider buying into this market as price could potentially rally higher in the coming days and have the stops order to set near recent lows to limit the losses in case price does not moves in our favour.

GBPUSDrH4

23rd February 2017 Market Outlook

Aussie Loonie – AUD/CAD breakout above its 1.0090 resistance level yesterday which now turned into a support level where traders may hunt for potential buying opportunity as the momentum is bullish at the moment. Traders who went long at the 0.9860 support level as we recommended in our 30th January 2017 Market Outlook may consider continue holding onto the long position and may also consider scale in into the long position to maximize the potential profits of this bullish momentum.

AUDCADrDaily

 

Euro Loonie – EUR/CAD is currently consolidating above its 1.3820 support level. If price is able to breakout below the 1.3820 support level, we are then likely going to see further decline coming into this market. Traders who went short at the 1.4380–1.4310 resistance area as we recommended in our 24th January 2017 Market Outlook may consider scaling into the short position if price breakout below the 1.3820 support level. Traders who missed the shorting opportunity at the 1.4380–1.4310 resistance area may also short this market at the breakout of 1.3820 support level as the long term trend is still bearish at the moment.

EURCADrDaily

 

Kiwi Dollar – NZD/USD is currently trading within the short term range of 0.7235 resistance level and 0.7135 support level. Traders may consider buying into this market as price rejected its 0.7135 support level yesterday or wait for price to pullback into its 0.7235 resistance level before shorting this market. Price is likely going to move within this trading range in the short term before it breakouts higher or lower therefore traders may consider day trade or scalp this market when price is near to its 0.7235 resistance level and 0.7135 support level for some quick profits.

NZDUSDrH4

22nd February 2017 Market Outlook

Euro Yen – EUR/JPY decline lower after price rejected its 120.30 resistance level as we expected in our 21st February 2017 Market Outlook. Traders who went short at the 120.30 resistance level and those who went short at the 121.30 resistance level as we recommended in our 10th February 2017 Market Outlook may consider continue holding onto the short position while trailing the stop behind. Since price is still in a bearish trend, we are likely going to see further decline coming into this market in the near term.

EURJPYrH1

 

Euro Pound – EUR/GBP breakout below its 0.8470–0.8455 support area yesterday which opened up the door for potential further decline. Given that the momentum is bearish at the moment, traders may consider shorting this market to ride on the bearish momentum. Traders may also wait for a pullback into its 0.8470–0.8455 resistance area (Previous support area) before shorting for a more favourable risk:reward trade.

EURGBPrH4

 

Aussie Kiwi – AUD/NZD once again trade back up to its 1.0770–1.0740 resistance area. If price is able to breakout above the 1.0770–1.0740 resistance area, we could then potentially see further rally in this market. On the other hand, a rejection of the 1.0770–1.0740 resistance area could potentially send price lower in the coming weeks.

AUDNZDrDaily

21st February 2017 Market Outlook

Euro Yen – EUR/JPY continue to decline lower after price rejected its 121.30 resistance level after price pullback into its 121.30 resistance level as we expected in our 10th February 2017 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind. We have another short term resistance level at 120.30 which traders may hunt for potential short term short selling trading setups to jump on this bearish trend or scale in the existing short position to maximize the potential profit on this bearish trend.

EURJPYrH1

 

Kiwi Dollar – NZD/USD decline lower after price rejected its 0.7235 resistance level. The momentum is bearish at the moment therefore traders may consider shorting this market to ride on the bearish momentum. There’s no immediate support level below which offer traders massive profit margin to trade the short side of the market.

NZDUSDrH4

 

Pound Loonie – GBP/CAD started to decline after price rejected its resistance level as we expected in our 26th January 2017 Market Outlook. Price formed another descending triangle after the initial decline which could potentially trigger another round of short selling. If price breakout below the descending triangle chart pattern, we are then likely going to see further decline into its 1.5940 support level.

GBPCADrDaily

20th February 2017 Market Outlook

Aussie Loonie – AUD/CAD rally higher into its 1.0090 resistance level after price rejected its 0.9860 support level as we expected in our 30th January 2017 Market Outlook. Traders who went long as we recommended may consider taking profits at the 1.0090 resistance level or scale out the position at the 1.0090 resistance level while leaving the rest to run further with a trailing stop behind. Price is currently consolidating below the 1.0090 resistance level which could potentially lead price to breakout to the upside. If price is able to breakout above the 1.0090 resistance level, we could then potentially see a further rally into its next resistance level at 1.0350.

AUDCADrDaily

 

Aussie Dollar – AUD/USD performed a false breakout off its consolidation at the 0.7755–0.7730 resistance area. Since we are in a trading range over the longer time frame and price performed a false breakout at the resistance area, traders may consider shorting this market as we could potentially see price decline from here to its next support level at 0.7500 key support level.

AUDUSDrH4

 

Pound Dollar – GBP/USD once again retest its 1.2145 support level which makes the support level turned weaker and could lead to a potential breakout to the downside. If price breakout away from its 1.2415 support level, we are then likely going to see further decline into its next support level at 1.2265.

GBPUSDrH4

17th February 2017 Market Outlook

Swiss Franc – USD/CHF decline significantly lower after price rejected its 1.0085 resistance level as we expected in our 16th February 2017 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 in the coming days.

USDCHFrDaily

 

Loonie Yen – CAD/JPY decline lower after price rejected the upper channel line of the descending channel as we expected in our 14th February 2017 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as price could potentially decline lower into its lower end of the channel which may also serve as the first target for short sellers to lock in profits.

CADJPYrDaily

 

Euro Loonie – EUR/CAD performed a rejection at its 1.3860–1.3820 support area which could potentially lead price higher in the coming days. Given that the long term trend is still bearish, conservative traders may wait for a potential breakout to the downside to jump on this bearish trend while aggressive traders may consider buying into this market for a quick counter trend trade.

EURCADrDaily

 

16th February 2017 Market Outlook

Euro Aussie – EUR/AUD decline lower into its 1.3720 support level after price breakout below its 1.4130 support level as we expected in our 3rd February 2017 Market Outlook. Traders who went short at the breakout of 1.4130 support level and those who went short at the 1.4580–1.4510 resistance area as we recommended in our 4th January 2017 Market Outlook may consider continue scale out the position at the 1.3720 support level while leaving the rest to run further with a trailing stop behind. Price could potentially make some bounces at the 1.3720 support level before continue to decline lower. If price is able to breakout below the 1.3720 support level, we are then likely going to see further decline coming into this market in the coming days.

EURAUDrDaily

 

Gold – Gold shot up higher after price rejected its 1218.50 support level as we expected in our 14th February 2017 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position with a trailing stop behind to ride on this bullish trend. There’s no immediate resistance level above which offer traders huge profit margin to hold on long position. However traders may still have the first target set near previous swing high at around 1245.00 price level to lock in profits.

XAUUSDrH4

 

Swiss Franc – USD/CHF rejected its 1.0085 resistance level yesterday which could potentially lead price lower in the coming days. Given that the momentum is bearish at the moment, traders may consider shorting this market to ride on the bearish momentum. The next support level is not found until 0.9870 which offer traders massive profit margin to trade the short side of the market.

USDCHFrDaily

15th February 2017 Market Outlook

Euro Pound – EUR/GBP once again decline into its 0.8470–0.8455 support area. Given that the trend is bearish at the moment, traders may consider shorting this market if price breakout below the 0.8470–0.8455 support area. The next support level is located at 0.8345 which offer traders decent profit margin to trade the short side of the market.

EURGBPrH4

 

China Offshore Yuan – USD/CNH started to decline after price rejected its 6.8780 resistance level. Price is currently trading within a range therefore traders may consider shorting this market as price has just rejected its upper end trading range which could potentially result in lower prices in the coming days.

USDCNHrH4

 

Japanese Yen – USD/JPY rally higher after price performed a false breakout at the 112.55 support level. Price is likely going to rally higher into its 115.30 resistance level in the near term therefore traders may lookout for potential buy setups to ride on this bullish momentum especially on the lower time frame charts.

USDJPYrH4