Trading Video: Are Breakouts, Reversals Possible Ahead of the Fed?
• A shift in both investor sentiment and the dollar will likely wait at least until the FOMC decision
• We look at US, UK and New Zealand interest rate forecasts
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EURUSD looks ripe for a break from a tight range and GBPUSD is standing at the threshold of major 1.7000-resistance. Yet, with the Fed ahead, strategy is imparative. Tentative breakouts or reversals from stimulus-sensitive capital markets or dollar-based majors are not unlikely in these trading conditions. But follow through and conviction with such a prominent uncertainty directly ahead is very unlikely. We look at the genuine appeal of different setups in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.