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Published on Sep 6, 2016
The
Euro exploded to the upside during the session on Tuesday as people
continue to believe that the Federal Reserve will not be able to raise
interest rates. Because of this, we ended up going above the 1.12 level
for the session, and closing very strongly. If we pullback from here,
it’s likely that the markets will more than likely have plenty of
support below, extending all the way down to the 1.1150 level. With this
being the case, the market looks very likely to have buyers returning
again and again. On top of that, it makes quite a bit of sense that we
go higher based upon the fact that we closed so strongly during the day.
With this, I believe we are reaching towards the 1.1350 level above.
USD/JPY and AUD/USD Forecast
Published on Sep 6, 2016
The
US dollar initially tried to rally against the Japanese yen during the
day on Tuesday, but then turn right back around to crash into the 102
level. This of course is a very bearish candle, and at this point in
time it’s very likely that there will continue to be some selling
pressure. However, I believe that the Bank of Japan will get involved
one way or another, and as a result I’m waiting to see whether or not we
get a supportive candle in order to start buying. Short-term traders
could be tempted to sell still, and I would not be surprise at all to
see that happen. However, I believe that given enough time the buyers
step back in as 100 will more than likely continue to be the “line in
the sand” so to speak when it comes to the Bank of Japan.
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