Pound Kiwi – GBP/NZD decline lower into its 1.8630 support level after price rejected its 1.9660–1.9620 resistance area as we expected in our 1st November 2018 Market Outlook. Traders who went short as we recommended may consider scale out the position at the 1.8630 support level to lock in profits while leaving the rest to run further with a trailing stop behind.
Aussie Dollar – AUD/USD breakout higher last Friday which could potentially lead price rally higher in the coming days. If price pullback into its 0.7285 support level, traders may then consider buying into this market to jump on the bullish trend. Ideally we would prefer to see some price rejections or any other form of confirmation before buying into this market to avoid false signals.
Japanese Yen – USD/JPY pullback into its 112.60 support level last week which if price is able to breakout below it, we are then likely going to see further decline into its 111.73 support level. Given that the momentum is bearish at the moment, traders may consider shorting this market to jump on the bearish momentum.