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  • And the Monday Asia trading session has officially begun. A pair to have on your watch list to kick off early trade: $AUDUSD post head-and-shoulders' neckline (and 200-DMA) breakdown https://t.co/iuYqEN5xpv
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Video: Technical Breaks from S&P 500, GBPUSD and Others a Fed Trap

Video: Technical Breaks from S&P 500, GBPUSD and Others a Fed Trap

John Kicklighter, Chief Strategist

Talking Points:

• The S&P 500 cleared the top end of a three-week wedge and a few USD-based majors marked tempting breaks

• With the FOMC rate decision Thursday, all Dollar and 'risk'-oriented markets will be set on a hair-trigger

• Outside the long reach of the Fed, a few standouts are staging fundamental and technical setups like the GBP

Sign up for a free trial of DailyFX-Plus to have access to Trading Q&A's, educational webinars, updated speculative positioning measures, trading signals and much more!

The market made a last minute bid to tempt traders in before the Fed detonates fundamental conviction and volatility with its policy decision. A range of risk-oriented assets climbed this past session but few were as seductive as the S&P 500 which nudged the upper bound of a three-week consolidation pattern aimed at reversing the mid-August collapse. From the technician's perspective, it is a distinct pattern and slow break that might look like a clean setup. The same chart-based logic can be applied to a range of Dollar-based majors that made technical moves (GBPUSD, AUDUSD, USDCAD). However, the risk underlying these setups is severe. The FOMC rate decision is dead ahead, and there is genuine debate over whether the group will hike or not as well as significant pre-announcement positioning. While there are some avenues that may escape the gravity of this event - GBPCAD and AUDNZD amongst others - the broader market is watching with held breath. We take stock of the market heading into this critical event risk in today's Trading Video.

Video: Technical Breaks from S&P 500, GBPUSD and Others a Fed Trap

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