In today’s live session we covered our current EURUSD & GBPUSD trades, what may happen at the FOMC Press Conference and what potential trades we could enter afterwards.
Last night we had entered EURUSD & GBPUSD shorts which had led to a combined 80 pips. We have since then secured our profits and have moved stops to entry. We are expected to have a good amount of movement in the markets at the time of the FOMC Rate Decision, and we hope our trades are on the benefiting side.
Today the feds are expected to cut rates to 1.75% to 2.00%, which may lead to immediate Dollar weakness. It’s not only about what the rate is, but Powell says during the press conference. Comments about a lingering trade war can bring further weakness to the Dollar, while strengthening safe havens like the CHF and JPY.
We then briefly spoke about a possible CADCHF sell. If safe havens are back on top, we could have the chance to short the pair. Additionally, we expect possible long setups on both the Euro and Pound against the dollar after the FOMC statement. Be safe out there traders, it can get real chaotic real quick during these releases. I will see you all tomorrow at 11:00 AM EST on our Portal.