Thursday July 27, 2017 - 10:17:18 GMT
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The Fed decision Wednesday was about as expected with no changes in interest rates. As signaled at the prior Fed meeting, the central bank indicated that it would start to wind down its QE portfolio very soon. This could be as early as the September meeting. A mild surprise to the markets were Fed concerns about the low levels of inflation. If confirmed by future data, that could kill any chances for another rate hike this year. This news hit the USD. The general USD market bias remains negative. It is likely to continue follow the lead of bonds and equities.
Today the EURUSD HOD has been 1.1772, while the LOD has been 1.1713. EURUSD is now working to establish 1.1700 line as support on an eventual run at 1.20. Liquidity continues to be constrained by summer markets. As usual, look for stops at the daily extremes. Keep an eye on the yield of the U.S. 10-yr Note (last 2.291, 0 bp). The 2.30% line remains a key psychological benchmark. 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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