Thursday September 21, 2017 - 09:19:10 GMT
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Forex markets are still digesting the Fed policy tightening yesterday. As expected, the Fed Funds target was held steady, however, the central bank signaled a tightening bias for the December meeting. Also, as expected, they announced that they would start, modestly at first, to unwind their massive holdings of government debt. On balance, markets took the announcements as hawkish and therefore pro-USD.
The EURUSD HOD so far has been 1.1919, while the LOD has been 1.1865. The focushas shifted to EURUSD 1.1900 line which must will be used today as an idication of the EURUSD trading bias. The yield on the U.S. 10-yr Note was last 2.269%, -0.9bp. The 2.20-2.30% range has become pivotal. Use the 10-yr note yield as your short-hand sentiment barometer. Your Amazing Trader charts can provide market direction.
Forex trading conditions can change quickly, so use your AT charts to monitor current support (red) and resistance (blue) levels. The technicals often 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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