FXOptimax Market Analysis

8th October 2018 Market Outlook


Pound Aussie – GBP/AUD shot up higher after price pullback into its 1.7950 support level and rejected it as we expected in our 25th September 2018 Market Outlook. Traders who went long as we recommended may consider scale out the position around current price level to lock in profits while leaving the rest to run further with a trailing stop behind. While traders who missed the buying opportunity may still hunt for potential buy setups if price pullback into support level.

GBPAUDrDaily

 

Japanese Yen – USD/JPY pullback into its 113.10 support level earlier today. Given that the trend is still bullish, traders may consider buying into this market 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 to avoid false signals.

USDJPYrDaily

 

Kiwi Yen – NZD/JPY decline significantly lower after price performed a false breakout at the 75.00 resistance level. Given that the long term trend is still bearish, traders may consider shorting this market to jump on the bearish trend especially if price breakout below its 72.75 support level as there’s no immediate support level below after that.

NZDJPYrDaily

Posted on 2018-10-08 13:55:52

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