The DXY Fed rate announcement came in today with unchanged rates for the Dollar Index. Prior to the news, price went to our initial target of 96.644. We were expecting them to take out the 96.943 level as well. However, price has failed to take out that high, but we suspect it might come back and clear that soon. For the long-term, our bias has not changed. We are still bullish, and expecting ( members only ). We still have until Friday to see how this week is going to close. Therefore, we will be looking for reasons for price to climb higher as we move into Thursday and Friday.
EURUSD had the initial reaction from the rate announcement and sent price toward our target of 1.11701, but then change direction and started going up. We are still bearish on EURUSD. The big picture has not changed, so we will start looking for trade ideas to send it lower to our target.
For GBPUSD, our bias still remains bearish, and we will continue to expect price to reach for ( members only ). Big picture still remains unchanged even with the rate announcement on DXY. There is a rate announcement on GBPUSD tomorrow which might be used to send price to our target.
AUDUSD might be changing direction, and we will use the strength to continue buying our current trade on AUDCAD. We would be also looking for sell GBPAUD if we get a good entry.
NZDUSD has reached our final target of 0.67238. We could be seeing a reversal. While we monitor, we will use the strength in NZD to sell GBPNZD for the rest of the week. Another potential trade could be NZDCAD long.
EURGBP has now moved into consolidation, as price is taking out the previous day highs and lows. Since this is a sign of consolidation, we will be on the sidelines until we see clearly what price wants to do.
USOIL hit our target yesterday, and we were expecting price to continue lower. However, the rate announcement seems to have changed the direction. We will be monitoring price going forward to see the next move.
GOLD reached our level that we have been looking for at the 1758.1 level. We will start looking for a potential longs going forward. Seasonally, price is in for a low in mid-December, and this looks like a potential reversal. We will watch the fundamentals for this weekend.
BTCUSD seems to have retraced on the rate announcement but we still remain bearish. We will be looking for a continuation to the downside. There is potential for a possible short tomorrow.
And there’s a ton more of currency, crypto, commodities and other indices left to go over, paid members get to follow along with the trader daily inside our trading portal.
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