Wednesday's FOMC, the question is are the feds going to raise rates this year? The beginning of 2016 we were scheduled for 4 hikes this year 4 went to 2 and historically there's only been a rate hike by quarter (Quarterly meetings are followed by a press conference) Now that will leave september and december on the table. There's a very little chance that the feds will hike wednesday But I will be paying close attention to the language and the dot plot.
Technically the dollar index
After forming a double bottom
@1170 but over extended I'll be watching for a pullback. We also put in a Inverted hammer
on Monday after failing to break above last weeks highs, also RSI
is holding 60 The zones in red that I've marked on the chart is where we can see price in the event of a overly hawkish or overly dovish fed.
is also showing a bullish trend
but is over extended.