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

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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

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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!

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