FXOptimax Market Analysis

6th March 2018 Market Outlook


Loonie Dollar – USD/CAD continue to rally higher after price pullback into its 1.2590 support level. Traders who went long as we recommended in our 28th February 2018 Market Outlook may consider continue holding onto the long position with a trailing stop behind as price continue to rally higher. On the other hand, traders who missed the buying opportunity may still consider buying into this market if price pullback into its 1.2910 support level.

USDCADrDaily

 

Aussie Loonie – AUD/CAD rally significantly higher after price breakout above its 1.0000 key resistance level which is also a big round number. Since the short term trend is bullish at the moment, traders may consider buying into this market to jump on the bullish trend. Traders may also consider buying into this market at the pullback for a more favorable risk:reward trade.

AUDCADrDaily

 

Aussie Yen – AUD/JPY bounce off its 81.54 resistance level yesterday which could potentially lead price back into its 84.00–83.73 resistance area. Since the overall trend is still bearish, traders may consider shorting this market if price pullback into it. Ideally we would prefer to see some price rejections or any other form of confirmation before shorting this market to avoid false signals.

AUDJPYrDaily

Posted on 2018-03-06 06:30:31

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