FOMC Press Conference - DXY - Double Three - USD Getting Trashed
FOMC Press Conference is right around the corner and the outcome is being watched by traders all over with much interest.
Dollar Index (DXY) is showing a Triple Three Pattern which would mean that USD could get trashed once more, just as it did on my previously posted "FED December Rate Hike – DXY Technicals – Elliott Wave Analysis" article when I said that the FED would increase the rates but expecting a Bearish trend.
Now the Market is in a similar spot and it looks like the USD is positioning once more.
My 2 cents on the event:
Rate Hike to occur from 1.50% towards 1.75% benchmark points, making the USD Bullish until the Press Conference
Jerome Powell not to signal more than 3 Rate Hikes this year, making the USD Bearish and forcing traders to trash the dollar
*Entries and scenarios available for our Members.
Dollar Index (DXY) is showing a Triple Three Pattern which would mean that USD could get trashed once more, just as it did on my previously posted "FED December Rate Hike – DXY Technicals – Elliott Wave Analysis" article when I said that the FED would increase the rates but expecting a Bearish trend.
Now the Market is in a similar spot and it looks like the USD is positioning once more.
My 2 cents on the event:
Rate Hike to occur from 1.50% towards 1.75% benchmark points, making the USD Bullish until the Press Conference
Jerome Powell not to signal more than 3 Rate Hikes this year, making the USD Bearish and forcing traders to trash the dollar
*Entries and scenarios available for our Members.
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Technical Outlook and Verdict:XAU/USD - Bearish on the Rate Hike but Bullish on the Press Conference
XAG/USD - Bearish on the Rate Hike but Bullish on the Press Conference
EUR/USD - Bearish on the Rate Hike but Bullish on the Press Conference
USD/JPY - Bullish on the Rate Hike but Bearish on the Press Conference
USD/CHF- Bullish on the Rate Hike but Bearish on the Press Conference
Note
I absolutely smashed this FOMC event!In fact I managed to predict all previous three FED meetings, call me "hat-trick". :)
Follow me and trade like a Champion!
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Ride the funky chicken!Note
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.