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21st November 2018 Market Outlook


Aussie Kiwi – AUD/NZD continue with its decline after price breakout below its 1.0670 support level. Traders who went short at the breakout of 1.0670 and at the rejection of 1.0860 resistance level as we recommended in our 26th October 2018 Market Outlook may consider continue holding onto the short position with a trailing stop behind as price is likely going to continue with its decline into its 1.0500 support level.

AUDNZDrDaily

 

Aussie Dollar – AUD/USD rejected its 0.7285 support level earlier today which could potentially lead price higher in the coming days. Given that the short term trend is bullish, traders may consider buying into this market to ride on the potential bullish swing and have the stop loss set 1ATR below recent low to limit losses if price moves against us.

AUDUSDrH4

 

Japanese Yen – USD/JPY started to decline lower after price breakout below its 112.60 support level as we expected in our 19th November 2018 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as price is likely going to continue with its decline in the coming days. The next support level is located at 111.73 which offer traders huge profit margin to trade the short side of the market.

USDJPYrH4

Posted on 2018-11-21 13:33:49

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