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5th July 2018 Market Outlook


Euro Yen – EUR/JPY once again rejected its 128.50 support level yesterday which could potentially cause price to bounce higher. Since the short term momentum is bullish, traders may consider buying into this market for a short term bullish trade and have the first target set near previous swing high to lock in profits if price moves in our favour.

EURJPYrH4

 

Gold – Gold is currently trading above its 1240.00 support level. If price is able to breakout below its 1240.00 support level, we are then likely going to see further decline coming into this market in the near term. Given that the trend is still bearish, traders may consider shorting at the breakout of the 1240.00 support level to jump on the bearish trend.

XAUUSDrDaily

 

Aussie Kiwi – AUD/NZD rejected its 1.0950 resistance level earlier this week which could potentially cause price to bounce lower. However we are currently having new higher high and higher low which indicates the momentum is bullish therefore conservative traders may consider waiting for price to breakout above its 1.0950 resistance level before buying into this market to ride on this bullish momentum while aggressive traders may consider shorting this market for a quick short term counter trend trade.

AUDNZDrDaily

Posted on 2018-07-05 06:30:32

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