In today’s live trading session, we mainly focused on the FOMC rate decision that is occurring later today. We then concluded the session by going over possible trade setups.
Today, the Federal Reserve will announce key aspects of its monetary policy moving forward. They will first release their plans for the interest rate which sits right below 0.25%. Most forecasters expect interest rates to remain unchanged. The next important aspect is the FOMC press conference, where Jerome Powell will speak about the economy and if there are any plans for quantitative easing. It’s hard to predict whether his tone would be hawkish or dovish, but both choices will get the markets moving.
As for trade setups to take, we are already in a long for EURUSD. We are looking to add a position for USDCHF. We have been looking to reenter this pair a while now, and it seems more and more likely that this pair will continue to dip lower. Depending on Powell’s tone, we can also take a short for USDJPY. This move will be accompanied by an equal move by the DXY which will visit 93.0.
After today’s FOMC press conference, the Forex markets will have a sense of direction. It will be clear how the US Dollar will finish the quarter and whether certain swing trades can be taken. We will send any trade updates regarding the event on Telegram and Discord. As always, be safe and trade responsibly!
Directory:
- Sign up for a Free Membership.
- Login to watch full recorded webinars in our Forex Trading Room.
- Chat with our traders in the Community Discord Server.
- Read yesterday’s breakdown: Gold Reaches New Highs + EURUSD Long
- Get the VIP Membership with code FIRST50 at checkout for 50% Off your 1st month
- 7 Day Risk-Free Trial
