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Published on Oct 4, 2016
The
EUR/USD pair went back and forth during the course of the session,
forming a very volatile and neutral candle. With this being the case, it
shows that the market isn’t ready to make up its mind, and quite
frankly a lot of the noise would’ve been from the erroneous report down
to the European Central Bank was ready to cut back on quantitative
easing. Once that was debunked, the market went right back to where once
was. Ultimately, this is a market that I think has negative pressure,
but that’s about it - pressure. I think that you could sell short-term
rallies if you are so inclined to scalp the market, but at this point in
time I have no interest in risking any money.
Published on Oct 4, 2016
The
USD/JPY pair broke higher during the course of the session on Tuesday,
testing the 103 region. With that being the case, it’s likely that we
will continue to see buyers enter this market but there is a significant
amount of resistance above that could be a bit of a thorn in the side
of buyers. I think the pullbacks at this point in time will continue to
be supportive though, and supportive candles that form will be buying
opportunities. I think that once we get above the 103 level, we will
more than likely reach towards the 105 level. Once we get above there,
it becomes more of a “buy-and-hold” type of situation. I think that the
100 level is still the “floor” in this market going forward as the Bank
of Japan will intervene if we break down below there for a significant
amount of time.
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