-
Published on Oct 26, 2016
The
USD/JPY pair initially fell on Wednesday, but turned around to form a
rather positive candle. However, the market continues to see quite a bit
of resistance at the 105 level, so it makes sense that we will have to
continue to go back and forth in order to build up the necessary
momentum to finally break out. Once we break above the 105 level, I
believe that the 107 level will be the next serious target. Alternately,
I think that pullbacks will simply offer plenty of buying opportunities
based upon signs of support and of course the 100-day exponential
moving average just below. The 103 level below is massively supportive
as well, so having said that I feel that the market will continue to
find buyers, especially considering that the Federal Reserve is likely
to raise interest rates towards the end of the year.
Published on Oct 26, 2016
The
EUR/USD pair initially tried to rally during the course of the session
on Wednesday, but turned around to form a massive shooting star.
Ultimately, this is a market that seems to have quite a bit of bearish
pressure in it still, and the fact that we could not hang onto the gains
during the day on Wednesday suggests that the sellers are very much
still in control. Buyers have no real backbone at this point in time, so
having said that I feel that the sellers will continue to push lower,
and eventually make even fresh, new lows. Exhaustive candles after
short-term rallies are nice selling opportunities, as we have seen
during the day on Wednesday. I have no interest in buying at this point
in time.
No comments:
Post a Comment