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Published on Nov 21, 2016
The
US dollar initially rallied on Monday but turned around to form a
negative candle. The negative candle is the result of overexertion and
quite frankly and overextended market. I believe that a break down below
the bottom the candle probably signals a pullback that we have long
needed. I think that there is a significant amount of support just
below, and most certainly at the 107.50 level. Because of this, I
believe that the buyers will return again and again based upon “value”
in a market that has broken out rather significantly. Given enough time,
I believe that the trend has completely changed to the upside, but
these affairs are normally choppy to say the least. The massive return
of buying pressure after the surprise election of Donald Trump signified
to me that we were done selling off this pair on the longer-term
charts, and then completely found the base that we were looking for.
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