So far the downtrend has been continuing throughout 2017. This week something caught my eye, this was the closing of a previous unfilled gap and the bounce off a major support at 110.100. This set the first Higher High moving upwards but still remains below the major TL which it just tapped before moving away. The reason for the significance is for the upcoming FED rate hike decision which has the fundamental power to shift trends, so more or less we will be waiting to hear the decision (most likely a rate hike) and further commentary about future rate hikes. The data for USD hasn't been all that impressive and the FED has dropped its chances for a hike during the September meeting. So lets be patient and see where P.A takes us.. we can either start a new trend which would be cool or simply just continue shorting USD.
This analysis can be used in pairing with my previous analysis on gold for trading confluences.
This analysis can be used in pairing with my previous analysis on gold for trading confluences.
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110.100 has been holding strong. FED rate hike and continued hawkish statements regarding fiscal policy and plans to raise rates once more in 2017 has sent the dollar higher. BoJ monetary policy statement tonight.
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Boom