In today’s live trading session, we went over how the Forex markets looked after yesterday’s FOMC rate decision. We then identified a handful of trades we could take before the week comes to a close.
Yesterday the Federal Reserve revealed that they had no plans of changing rates or their outlook on Covid-19. Jerome Powell is staying firm on his ‘by any means necessary’ stance on keeping the economy alive during the pandemic. Since the result was mute, so were the reactions in the market for the most part. Although, we were able to hit our first target for our EURUSD swing long. Despite yesterday’s FOMC event, many investors are still fairly bearish on the US Dollar as US GDP has dropped by 32.9%.
For the remainder of the session, we went over both the major and minor currency pairs to identify setups to trade before tomorrow’s market close. Both AUDUSD and NZDUSD have still yet to budge and push past their respective resistances. We are still hopeful that a break may occur this week and a quick trade could be entered. We have found swing trades for EURJPY and EURNZD that seem very promising. If EURUSD can continue to climb, so will its minor counterparts.
The FOMC event being right in the middle of the week really delayed substantial moves for the major currency pairs. The only pairs that had consistent volatility throughout the were the Pound pairs and Gold. We were able to get a piece of Gold before it retraced back down. We are still forecasting Gold to hit 2000 very soon and are waiting for an entry. As always, be safe and trade responsibly!
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