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Published on Oct 20, 2016
The
US dollar rallied during the course of the day on Thursday, as we
continue to consolidate off of the 103 support level. If we continue to
go back and forth at this point in time, I believe that the market is
trying to build up enough momentum to finally break above the 105 level.
Once we get above there, I feel that the market will probably try to
reach towards the 107 level. Any break down below the 103 level will
probably invite more support, as the Bank of Japan continues to be very
supportive overall and on the long-term. I am simply looking for
short-term pullbacks and show signs of support in order to go long it
yet again, and I believe that you will essentially have a bit of a “buy
on the dips” type of situation.
Published on Oct 20, 2016
The
EUR/USD pair initially rallied during the day on Thursday, breaking
well above the 1.10 level, but then turn right back around to fall
significantly. With this being the case, the market broke down and
tested the 1.09 level below. If we can break down below there, it’s
likely that the markets will reach towards the 1.05 handle. Any rally at
this point in time should be sold on signs of exhaustion, because the
market has fallen so significantly over the last several weeks. Also,
during the day on Thursday we had the European Central Bank suggests
that the quantitative easing will continue and there won’t be any
serious discussion about tapering off of it until December. With that
being the case, the Euro will continue to fall in my estimation.
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