Gold – Gold started to decline lower after price rejected its 1306.00 resistance level as we expected in our 25th May 2018 Market Outlook. Since the trend is bearish and there’s no immediate support level below, traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind to ride on this bearish trend.
Euro Dollar – EUR/USD once again rejected its 1.1730 resistance level yesterday. Given that the trend is still bearish, traders may consider shorting this market to jump on the bearish trend. There’s no immediate support level below which offer traders massive profit margin to trade the short side of the market.
Aussie Dollar – AUD/USD pullback into its 0.7660 resistance level yesterday. Although the shorter term trend is bullish, the long term trend is still bearish therefore traders may consider shorting this market. Ideally we would prefer to see some price rejections or any other form of confirmations before shorting this market to avoid false signals.