Yep, put away the crystal balls and trade what you see
Given recent moves and confined ranges let’s not get too carried away with the outcome be it dovish, hawkish or something in between
I have warned this week about not getting too greedy on the moves after data/risk events and so it’s proved. Don’t get me wrong, I really do hope it all kicks off after the FOMC and volatility continues into the aftermath but somehow I doubt it.
So kick back and wait for later. Preserve your energy for the bunfight that will undoubtedly ensue as any scraps from Aunty Yellen’s table get gratefully gobbled. GBPUSD has strong support down to 1.6900 and EURUSD is loaded up with bids to 1.3500. Offers come in at 1.7010-25 and 1.3600-10 respectively.
USDJPY will have sellers above 102.50 and certainly into 103 .00 with bids down t0 101.50-70 while USDCHF is interesting only outside of its current 0.8960-0.9010 range. AUDUSD has bids into 0.9300 and offers above 0.9400. USDCAD similarly at 1.0800 and 1.0900.
So while we’re waiting let’s be having one of our fave comps and a few ideas of what else the initials FOMC might be standing for right now. No prizes but the honour of being publicly applauded for your wit and creativity
I’ll start you off with Find Our Malicious Conspiracy.
