Thursday July 6, 2017 - 09:14:55 GMT
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Fed policy meeting minutes have become an important part of the central Bank's communication process. They are not simply a recap of the meeting but have evolved into a policy update mechanism as they now shape the report to reflect the latest policy thinking. Importantly, yesterday it appeared that some at the Fed might now be having second thoughts about an aggressive policy normalization process in 2H17. Today the EURUSD HOD has been 1.1358, while the LOD has been 1.1329. As usual, look for stops at the daily extremes. Keep an eye on the yield on the 10-yr Note yield tody. The 10-yr yield is currently pivoting the 2.35% line. Markets are working to establish a new trading range. Keep a close watch on your Amazing Trader charts for market direction.
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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