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Published on Sep 5, 2016
The
EUR/USD pair rose a bit during the course of the day initially on
Monday, but as you can see we turn right back around to form of the
shooting star. Quite frankly, the liquidity would’ve been an issue
anyways due to the fact that the Europeans are the only ones working.
The Americans and Canadians were celebrating Labor Day, and as a result I
don’t read too much into this candle other than we are still in the
same consolidation range we have been in for several sessions. Because
of this, it’s likely that the market will continue to chop back and
forth and therefore I don’t really have a trade in mind. If we can break
down below the 1.11 level, we may drift down to the 1.1050 level, but
at this point in time that’s about the only thing I see.
USD/JPY and AUD/USD Forecast
Published on Sep 5, 2016
The
US dollar fell against the Japanese yen during the session on Monday,
but one thing you have to keep in mind is that the volume simply wasn’t
there. After all, the Americans and Canadians both were celebrating
Labor Day, and as a result you have to take the move with a little bit
of a grain of salt. However, I do think that there is a significant
amount of support somewhere near the 102.50 level, and as a result it’s
only a matter of time before we bounce. That’s my base case argument,
and I’m waiting to see whether or not we get the right supportive candle
that we can take advantage of. With this, I’m eventually a buyer but I
also recognize that it could be choppy over the next several sessions.
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