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Published on Oct 23, 2016
US
dollar initially fell during the course of the day on Friday but did
find enough support below to turn things around and form a bit of a
hammer. That hammer of course is a very bullish sign overall, but we
have significant resistance just above. With this candle tells me is
that the market is continuing to try to build a bullish pressure. By
doing so, I feel that we will eventually reach above the 105 level,
which would signal a longer-term bullish pressure. Pullbacks at this
point in time should continue to find support, and I believe that the
103 level below is essentially the “floor” at this point in time. With
that in mind, I continue to buy dips but I am realistic in the sense
that I think it’s only a matter of time before we pull back again and
again while trying to build up momentum.
Published on Oct 23, 2016
The
EUR/USD pair fell during the day on Friday, breaking down below the
1.09 level for the first time in ages. Because of this, looks as if we
rally at this point in time there will more than likely be selling
pressure. With that being the case, it’s likely that the markets will
begin to go even lower, and that short-term rallies will offer
exhaustive candles at you can to advantage of. Because of this, I think
that the 1.10 level will now be a bit of a ceiling in the market, and I
think that we are heading to the 1.05 level below. I have no interest in
buying this market, I think that there are far too many reasons the
think that we will continue to go lower. In general, the US dollars
being used as a safety currency at the moment, and with the ECB recently
stated that they aren’t even going to discuss tapering off of
quantitative easing until December, there’s no reason to think that the
Euro will strengthen.
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