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1st November 2018 Market Outlook


Pound Kiwi – GBP/NZD pullback into its 1.9660–1.9620 resistance area yesterday. Given that the trend is bearish at the moment, traders may consider shorting this market to jump on the bearish trend. Ideally we would prefer to see some price rejections or any other form of confirmations before shorting this market to avoid false signals.

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Gold – Gold decline lower into its 1212.00–1205.50 support area after price rejected its 1240.00 resistance level as we expected in our 29th October 2018 Market Outlook. Traders who went short as we recommended may consider scale out the position around this support area while leaving the rest to run further with a trailing stop behind.

XAUUSDrDaily

 

Euro Yen – EUR/JPY decline lower after price rejected its 128.40 resistance level. Since the long term trend is still bearish, traders may consider shorting this market to jump on the bearish trend. There’s no immediate resistance level below which offer traders huge profit margin to trade the short side of the market.

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Posted on 2018-11-01 06:30:27

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