Dean goes back to his ranges that he established on Sunday. There is some interesting price action in a number of the Forex Markets that are catching his eye. Last week Dean nailed the ranges and let’s hope he can do it again.
Hopefully, you managed to catch Dean’s Weekly Forex Prep Video yesterday. If not, then click here and see the levels he is watching for the week. A bit of a slow start this morning and the FX markets appear to start the week off in a measured fashion.
After what has been a volatile two weeks which has left the market recovering from a bout of anxiety, we hope that financial markets will finally find a dose of “normality” next week. That being said, it is hard to define “normal” these days. The Fed meeting was certainly the highlight of the week
A great week all round for Dean and highlights the importance of doing a little work before the week starts. Forex Trading is as much about planning your trades as executing them. “Fail to plan … plan to fail” as the old saying goes.
The event we, Forex Traders, have all been bracing ourselves for has been and gone and we have certainly seen some action the past 24 hours. Dean really nailed the levels by doing his Sunday prep. The FOMC left rates on hold with a hawkish bias for a December rate hike.
Dean got the directions we expected yesterday and it was all about the Central Banks. The FOMC left rates on hold and was slightly more hawkish but we don’t think her testimony was convincing.
Dean lays it on the line this morning with his views on the FOMC Meeting this evening. Suggests that there will be no hike tonight but the language will suggest that we WILL get a hike in December.
A quiet day on most of the majors with only the GBPUSD moving over 100 pips lower. The currency pair is only a few pips off the Brexit lows and key support levels. The Rand has had another great day and looking strong against the USD and GBP.
A day closer to the big decision from the Fed and the Forex Markets are understandably quiet this morning. Forex traders will be positioning themselves or lightening their exposure depending on how brave they are feeling. May see liquidity dry up this afternoon and the ranges become tighter!
Dean’s review of the market this morning suggested we may have a quiet few days leading into the FOMC meeting on Wednesday. Forex traders are often careful ahead of these big announcements and tend to lighten positions so they are not caught off guard by a surprise rate decision.