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2nd February 2018 Market Outlook


Pound Yen – GBP/JPY continue to rally higher after price rejected its 152.80 support level and also its bullish trend line as we expected in our 31st January 2018 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position with a trailing stop behind. The next resistance level is located at 158.00 which offer traders massive profit margin to trade the short side of the market.

GBPJPYrDaily

 

Pound Dollar – GBP/USD rally higher after price rejected its 1.4000 key support level as we expected in our 31st January 2018 Market Outlook. Traders who went long at the 1.4000 key support level may consider continue holding onto the long position as price is likely going to rally higher in the coming days while traders who went long at the rejection of 1.3300–1.3270 support area as we recommended in our 13th December 2017 Market Outlook and those who went long at the breakout of 1.3620 resistance level as we recommended in our 9th January 2018 Market Outlook may consider scale out the position to lock in the profits.

GBPUSDrDaily

 

Loonie Dollar – USD/CAD decline lower after price rejected its 1.2370 resistance level as we expected in our 31st January 2018 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind as price is likely going to continue its bearish move in the next few trading days.

USDCADrDaily

Posted on 2018-02-02 06:30:45

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