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USD is moving slightly lower today, ahead of the important FOMC press conference. Stocks slowed down ahead of the event, but it might be just a temporary intraday rally before the market hits resistance, especially if the Fed will stick with the current hawkish 'tone'.
EUR/USD moved south yesterday, but then it found a base as stocks found some buyers. As such, corrective rally can still be coming here on the EUR/USD, ideally higher into wave c back to 1.1360/70 resistance.
Gold came higher yesterday, ideally into the fifth wave of an ending diagonal which is now already facing some limited upside at 1850 area. We see a risk for a sharp reversal, especially if metal would also break and close below 1834 today.
In the following video, OANDA Senior Market Analyst, Craig Erlam, talks about the USD/JPY, which has pulled back in recent days leading to a potentially significant breakout.
Note, I am traveling, so I am typing the report early, 5 hours before the day session opens. Today is Friday, so weekly support and resistance are important. It looks like this...
The Canadian dollar hasn’t made any spectacular daily gains since May 13th, when it shot up 1.1%. The currency has, however, made slow but steady progress against its US...
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