FOMC Week: Chart Preview | Vantage FX

FOMC Week: Chart Preview

July 27, 2015

With FOMC on Wednesday during the New York session, we take a look at what to expect and then preview each of the majors daily charts. Keep an eye on the Vantage FX Twitter and Facebook Page over the next few days as we take a look at the charts in more detail through the week leading into the meeting.

As we said this morning in the Vantage FX Daily Market Update: FOMC Monday post, while lift off on interest rates probably isn’t yet in play, it’s the Fed’s rhetoric out of the meeting that will be hugely influential in how the US Dollar behaves heading forward from here.

Economists surveyed suggest that still 80% believe that the Fed will move to hike rates in September, meaning that a clear statement of intent could be given on Wednesday. The Fed has spoken before about limiting market surprises so a hawkish tone could signal liftoff is imminent.

USDX Daily:

With this in mind, the USDX Daily is sitting at an interesting point. In the short term, the daily candle that left that long wick into previous resistance now being tested as support tells me that the buyers are still in charge of this market heading into the week.

If however the Fed fails to give any indication of a September hike, any early move that has been priced into the US Dollar will look to be unwound across the majors. With the up trend technically still in tact, a test of trend line support on a less hawkish than expected rhetoric could be an opportunity to get long or at least manage your risk around if price feels heavy.

Just remember that the day after FOMC, we get the US Q2 GDP number. This will be most significant if again the Fed delays in their rhetoric, then the GDP number or revision beats expectations.

EUR/USD Daily:




Over the next few days leading into Wednesday New York’s FOMC meeting, we will take a look at the above charts in detail.

Follow and Like the Vantage FX Twitter and Facebook Page to get involved in the discussion.

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd, does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. The research contained in this report should not be construed as a solicitation to trade. All opinions, news, research, forex webinars, analyses, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently any person acting on it does so entirely at their own risk. The experts writers express their personal opinions and will not assume any responsibility whatsoever for the actions of the reader. We always aim for maximum accuracy and timeliness and Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on the service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.




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