In today’s live trading session, we did a complete overview of the FOMC press conference that is occurring later today at 2:00 PM EST. Most of the financial markets are awaiting this all-important press conference as it will not only include the interest rate decision, but also the economic projections for the US economy.
During the session, we went over some predictions for this all-important press conference. Many analysts predict an initial weakness in the US Dollar, followed by possible strength, but only if Jerome Powell depicts optimism. Let us not forget that just last week economists determined the US entered a recession in February. We know the interest rate will most likely stay where it is, but what Powell may say or imply, is a whole different matter.
As for trades to take for the FOMC, we have decided upon a low-risk long for GBPUSD and a short for USDCHF. Both these pairs were analyzed yesterday, and we expect huge upside for the Greenback and downside for USDCHF. In today’s session, we also found a great short opportunity for EURJPY. This setup will take advantage of the current risk-averse market sentiment.
Many of our pending setups should become active once this afternoon press conference is over. We should see some major moves occur if the forecast of nonevent turns eventful. We highly recommend members to reduce their risk exposure before, during, and after the release to avoid slippage. As always, be safe and trade responsibly!
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