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Published on Nov 2, 2016
The
US dollar fell significantly during the day on Wednesday, crashing into
the 103 region. This is an area where I expect to see quite a bit of
support, and we of course did see it. Ultimately, this is a market that
will probably find quite a bit of buying pressure in this area,
especially considering that the US dollar has been punished for the
presidential polls, but quite frankly that’s been quite a bit of a
knee-jerk reaction. This area should send the market looking towards the
105 level, and as a result we could try to build up enough momentum to
break out to the upside in reach towards the 107 handle. Even if we
break down below the 103 level, I feel there is quite a bit of support
just below, so at this point in time I am “long only”, but I need to see
some type of impulsive move to the upside in order to go long.
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