This is a recording of a US Opening Bell webinar from March 13, 2017.
In today’s US Opening Bell webinar, we discussed the Fed’s rate hike expectations. Fed Funds futures are pricing in a 100% chance of a rate hike announcement by the Fed on Wednesday March 15. Will the Ides of March wreck a US Dollar advance? If so, consider that USD/MXN is hovering near a Fibonacci and 200 day simple moving average suggests something is going to give soon.
Also, consider that AUD/USD is stuck in a range such that if prices jump above .7662 then it may indicate a larger bullish trend for the pair.
If you are considering buying US Dollar strength, Cable is looking like a bearish pattern on a bump up to 1.2268-1.2300. According to Elliott Wave theory, it appears like GBP/USD is moving upward within a larger bearish impulse. This would place the current wave higher a wave 4. So long as prices are below 1.2382 we can consider the bearish trend still in force.
For those who are wishing to learn more about Elliott Wave patterns, join me on Tuesday’s as we demystify Elliott Wave Theory. We will spend a full hour dedicated to a pattern for the day.
If you wish to learn more about Elliott Wave theory without attending the webinars we have Beginner and Advanced Elliott Wave trading guides.
---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU
Follow me on Twitter at @JWagnerFXTrader .
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