Thursday September 28, 2017 - 08:55:59 GMT
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Markets have been relatively slow to adjust to what turned out to be an ambiguous signal by Fed Chair Yellen Tuesday afternon that the central bank intends to hike interest rates in December, conditions willing. Fed Funds futures odds on a rate hike have moved to 70% from sub-50% levels, and this change is sentiment has given the USD a boost. We will have to see now if this sentiment can be sustained and if the Fed will continue to reinforce this signal.
The EURUSD HOD so far has been 1.1773, while the LOD has been 1.1721. The EURUSD focus has shifting lower also after the German election. My focus is which side of a 1.17-1.18 range the EURUSD targets. Use it as an indication of the general EURUSD trading bias. The yield on the U.S. 10-yr Note is up again at 2.337%, +3.0 bp. Watch stocks as the key driver for bond yields. Use the 10-yr note yield as your short-hand sentiment barometer. Your Amazing Trader charts will 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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