FXOptimax Market Analysis

3rd January 2018 Market Outlook


Kiwi Yen – We have a nice support area at 79.30–79.10 in NZD/JPY which traders may hunt for potential buying opportunities if price pullback into it as the short term momentum is bullish at the moment. Ideally we would prefer to see some price rejections or any other confirmations before buying into this market to avoid false signals.

NZDJPYrDaily

 

Loonie Dollar – USD/CAD continue to decline lower and breakout below its 1.2660 support level after price rejected its 1.2910 resistance level as we expected in our 21st December 2017 Market Outlook. Traders who went short at the rejection or 1.2910 resistance level and at the breakout of 1.2660 support level may consider continue holding onto the long position with a trailing stop behind as price is likely going to continue to decline lower in the coming days.

USDCADrDaily

 

Euro Swedish Krona – EUR/SEK pullback into its 9.8000 support level and rejected it yesterday which could potentially lead price higher in the coming days. Since the trend is still bullish, traders may consider buying into this market to jump on this bullish trend. There’s no immediate resistance level above which offer traders huge profit margin to trade the long side of the market.

EURSEKrDaily

Posted on 2018-01-03 06:30:17

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