RealTraderCommunity Blog > Analysis and Insight > FOMC holding fire on rates; dollar undecided

FOMC holding fire on rates; dollar undecided

The US Federal Reserve held fire on rates last night, but remained on track to hike again, and implied that healthy economic prospects were not affected much by dips in business investment growth.

To recap: the Fed had already hiked rates three times this year and is widely expected to hike at least one more time before the new year.

EURUSD has already cleared 1.1430 and 1.1380.

It’s dealing 1.1345 and could not really make it to 1.1330 so we expect this level to hold for the weekend until markets find direction next week.

GBPUSD seems to have broken 1.3050 support.

Is it convincing?

It’s definitely slowing down before the weekend. If the new week opens still below 1.3050, we might look to sell GBP on any strength with a view to test 1.3000.

Longer-term traders might want to question if this is a worthwhile trade for them.

We said yesterday AUDUSD needs to clear supports at 71.80 and 70.80 cents. Aussie did come off from 72.80 but is now resting above 72.40, so 71.80 looks a little far off for dollar bulls.

USDJPY is STILL stuck around the 113.80 pivot.

Might as well pack up and go home. But if you can scalp, do take the above under consideration.

Do #TradeAtYourOwnRisk but with #Mocaz at #RealTraderCommunity.

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