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Published on Aug 28, 2016
The
Euro initially tried to rally during the day on Friday but turned right
back around as the 1.1350 level above has offered quite a bit of
resistance. As we have fallen from there, we crashed into the 1.12
level. That’s an area that is the bottom of the recent consolidation
area, so it makes sense that we see quite a bit of noise and support
right there. With this being the case, I think that the market will
continue to try to grind lower, but we may have short-term bounces from
time to time. It certainly looks very negative after the Friday session
though, so I am a seller overall but recognize that the volatility will
be a factor in this market, so hang on.
USD/JPY and AUD/USD Forecast
Published on Aug 28, 2016
The US dollar initially fell during the day on Friday but found enough support near the 100 level to turn things back around and form a massive green candle. By doing so, it shows that we may be putting in a bottom to this pair, and adding more fuel to the fire is that there are comments coming out of the Bank of Japan that suggest they may be looking at more quantitative easing fairly soon. With this, more than likely we will continue to see this market rally every time it dips, as it should pick up plenty of support. Ultimately, this market could very well reach towards the 105 level, but it is going to take quite a bit of momentum to get up there.
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