The US FOMC concluded on a firm note with many analysts saying it could lead to a hike in their policy rate.
Overall it’s dollar-positive in the long term, but some analysts project a more meaningful interest rate hike occurring only next year.
What does this all mean to the retail trader?
Not a lot. Pro traders don’t even care (much) about the potential collapse of China’s Evergrande and its impact on global deb markets.
The following are daily charts of a selection of major FX pairs. Each chart shows the historical support levels (for EURUSD, GBPUSD, AUDUSD, and XAUUSD), and resistance levels (for USDJPY) that the dollar has to traverse in order to realize a bullish outlook.
The targeted support and resistance levels are in the yellow boxes on the respective charts.
Each pair would have to cross their respective yellow zones to confirm any meaningful change in trend.
Not an easy feat, but the S/R levels should provide enough targets for long term players.
All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.
