Wednesday June 14, 2017 - 10:22:30 GMT
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Forex markets are in a cautious posture ahead of the Fed policy decision later today. A surprise would be if the Fed does not announce a 25bp rate hike today. Many are already looking beyond today to what the central bank will doing on the interest rate front later in the year. There is also a lot of interest in the timetable on when the central bank will start to wind down its massive holdings of government paper. Expect Chair Yellen to continue to talk a dovish posture even as the central bank tightens policy. Another key focus will be the quarterly official Fed economic forecasts as they influence the outlook for later policy moves.
Today the EURUSD HOD has been 1.1226, while the LOD has been 1.1203. The psychological focus of trade remains the neutral 1.1200 level. In other occasions, I would have expected the USD to be better bid into this Fed decision.
Forex trading conditions can change quickly, so use your AT charts to monitor current support (red) and resistance (blue) levels. The technicals frequently change ahead of the fundamentals. Changing colors and/or disappearing or new lines on the Amazing Trader (AT) charts will tell you which way the winds are blowing. Keep an eye on which color lines are being drawn or erased as your leading momentum indicator.
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