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Published on Nov 10, 2016
The
US dollar initially fell during the day on Thursday, testing the 105
level below. That’s an area that offered support, and as a result we
turned around and formed a fairly bullish candle. Because of this, I
think that this market will eventually break out above the 107.50 level
going forward, and that would be a longer-term “buy-and-hold” type of
situation. Pullbacks from time to time will continue to offer buying
opportunities on short-term charts as well. Quite frankly, I have
absolutely no interest whatsoever in shorting this pair and believe that
longer-term we continue to go much higher. With this in mind, I look at
pullbacks as the best way to go into this market as it at least offers
us a bit of “value.”
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