Thursday July 13, 2017 - 09:46:02 GMT
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Traders reacted to Fed Chair Yellen's prepared testimony before the House Wednesday where she confirmed that additional rate hikes are in the pipeline, but indicated that Fed Funds are closer to neutrality than the central bank has been signaling. Her comments gave equities a lift. Odds for a September rate hike have begun to fade. Today the EURUSD HOD has been 1.1457, while the LOD has been 1.1395. The pair is still trying to establish itself above the 1.1400 line. As usual, look for stops at the daily extremes. Keep an eye on the yield of the U.S. 10-yr Note (2.312%, -1.1bp). Follow 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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