Euro Loonie – EUR/CAD rally higher after price breakout above its weekly resistance area at 1.5370–1.5250 as we expected in our 22nd January 2018 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position as price is likely going to continue to rally higher in the coming weeks.
Aussie Dollar – AUD/USD had a strong decline last week which cause price to pullback into its 0.7885–0.7870 support area. Since the trend is still bullish, traders may consider buying into this market at the 0.7885–0.7870 support area to jump on this 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.
Japanese Yen – USD/JPY bounce off its 108.20 support level and is making its way back into the 111.10–110.85 resistance area. Given that the trend is bearish at the moment, traders may consider shorting this market if price indeed pullback into the 111.10–110.85 resistance area. The next support level is located at 108.20 which offer traders huge profit margin to trade the short side of the market.