Thursday August 17, 2017 - 09:53:45 GMT
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Trying to pin down Fed policy is like trying to nail Jello to a wall. The keep indicating that their preference is to tighten monetary policy, based on their economic models and inflation forecasts, but their models consistently have misread the economy. So the Fed Minutes released Wednesday once again were more dovish than expected. The analogy of the weatherman who does his forecasts based on models while never looking out the window seems apt here. Maybe the Fed needs new models based on what is ACTUALLY happening in the real world rather than what they think SHOULD happen in their fantasy universe? Could it be that their models and economic data are just plain wrong and obsolete?
Today the EURUSD HOD so far has been 1.1790, while the LOD has been 1.1722. EURUSD has been losing its recent luster as demand appears to be waning. Liquidity is returning to the markets as the summer holiday period winds down. Keep an eye on the yield on the U.S. 10-yr Note (last 2.236%, +1.2bp). 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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