Keep eye on dxy when it gets to that last lower high if price holds could use that area as another leg up hinting at more downside on gold and of course your indices as well dollar bulls still in full effect until we are shown other wise
With the FOMC rate decision behind us and the committee deciding to raise rates every other meeting for the next two years. I expect the currency majors to move in the direction of the dollar. So whether the dollar is in the quote or base position buy the dollar on dips. The market is pricing in the rate hikes now. The short term D1 target is $97.35.
Short term sell to long term buy on USDCAD. Could bounce in the middle and not return to the 1 Hr order block at the bottom. Will look for lower time frame accumulation.
Major lines of support holding USD Index from going down. I think the price starts to reverse to the upside. If you look on the left you can see the same pattern formed before price went up. Decision is based on the analysis the currency pairs included in the DXY (euro, aud, nzd, gbp) which appear to turn in the direction of the stronger dollar.
Expecting to...
Bullard is the lone Fed official forecasting just one additional rate increase, and expects modest growth over the next two and a half years. But he reiterated Tuesday he's not expecting the economy to head south. However, did go out of his way to mention a relatively dovish point "We Have Some Ammunition if We Need it During Next Recession". Nonetheless he...
IMO FOMC George was largely bullish/ Hawkish $ on the margin; surprisingly coming out and stating for one of the first times that "Fed rates are too low" and "Not Raising Rates in June Was Due to Timing Issues" - these two statements imo hint that a hike coUuld be on the cards earlier than perhaps was expected (Dec), in-light of his opinion of them being too low...
1. IMO Dudley tipped to the dovish side, especially on key inflation highlighting that it is " rising again, but still low". Other rhetoric reaffirmed much of what has been said post the brexit vote e.g. Uncertainty being the biggest factor.
2. Meanwhile, Williams was notably more upbeat/ optimistic, shrugging off the US's shock miss NFP report to instead...
