FOMC Announcement Controls Market

With the FOMC Announcement today, the Markets were controlled by USD strength, here’s what it looks like:

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  • Paul

    Thanks Nathan. I think its difficult to be purely technical when a fundamental announcement has such a significant impact.

    Sometimes you can place an order / enter a trade following your technical strategy rules in advance of a significant piece of news and the announcement will see your traded opened and either closed for a loss, or deep into a move toward your target. Thats when you say ‘show me the technical’s & I’ll tell you the news’!

    However the USD strength today could be the start of renewed USD strength (change EUR, GBP, CAD, JPY longer term trends) or a ‘shake out’ of the market to just retrace slightly before the recent (virtually the past month) USD weakness reestablishes itself as the dominant trend

    For example I see a UsdJpy descending trend line @ 98.70 which coincides with the 50% retrace of the last daily down leg and previous (early May) support. Therefore I see this as a very legitimate area to look for ‘triggers’ to enter this pair short!