FXOptimax Market Analysis

5th March 2018 Market Outlook


Aussie Yen – AUD/JPY decline lower into its 81.54 support level after price breakout below its 84.00–83.73 support area as we expected in our 23rd February 2018 Market Outlook. Traders who went short as we recommended may consider taking profits or scale out the position at the 81.54 support level while leaving the rest to run further with a trailing stop behind. If price is able to breakout below its 81.54 support level, we are then likely going to see further decline coming into this market in the near term.

AUDJPYrDaily

 

Euro Loonie – EUR/CAD rally into its 1.5950 weekly resistance level after price breakout above its weekly resistance area at 1.5370–1.5250 as we expected in our 22nd January 2018 Market Outlook. Traders who went long as we recommended may consider scale out the position to lock in profits as price could potentially pullback before continue higher. If price is able to breakout above its 1.5950 resistance level, we are then likely going to see further rally in the coming weeks.

EURCADrWeekly

 

Euro Pound – EUR/GBP breakout above its 0.8910 resistance level last week which opened up the door for potential further rally. Traders may consider buying into this market especially if price pullback into its 0.8910 support level (Previous resistance level) to jump on the bullish trend. Ideally we would prefer to see some price rejections or any other form of confirmations before buying into this market for a safer entry.

EURGBPrDaily

Posted on 2018-03-05 06:30:52

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