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Fx Technicals Ahead Of FOMC

ByFxGrow
Published 05/24/2017, 11:22 AM
Updated 03/09/2019, 08:30 AM

Fx Majors Technical Levels Ahead of FOMC Meeting Results

U.S Fed meeting minutes are due at 6:00 PM GMT and markets should pay close attention to words and details. Based on that, you can know how markets will trade based on how the U.S dollar and indices perform.

If U.S indices decline, it's a signal that rival currencies are taking advantage and surging, facing weaker U.S dollar. A June hike will be center stage. Any suggestion or heightened odds of a hike will fuel USD. A stress by FOMC that they still see three possible hikes will also peek the greenback. In March 2017, U.S Fed increased 0.25% to initial 0.75%, resulted in 1% as U.S Central Banks Interest. So markets should expect two more hikes, most likely in June and the end of 2017. This will also boost U.S dollar.

A neutral stance indicating that U.S Fed will watch coming economic data for more intake will decrease June hike odds, hence collapsing U.S dollar and opposing currencies will surge along with gold and silver.

Whether we see a hawkish, dovish or neutral tone from the FOMC, below are technical levels to consider with high volatility expectations.

EUR/USD

  • Current trend: Bullish / Sideways
  • Resistance levels: R1 1.1236, R2 1.1295, R3 1.1357
  • Support levels: S1 1.1162, S2 1.1112, S3 1.1072
  • Trend reversal point 1.1030

GBP/USD

  • Current trend: Bullish Sideways
  • Resistance levels: R1 1.3045, R2 1.3124, R3 1.3280
  • Support levels: S1 1.2900, S2 1.2839, S3 1.2753
  • Point of trend reversal 1.2882
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USD/JPY

  • Current Trend: Bearish / Sideways
  • Resistance levels: R1 1.1200, R2 1.1279, R3 1.1376
  • Support levels: S1 1.1150, S2 1.1055, S3 1.0958
  • Point of trend reversal: 1.1020

AUD/USD

  • Current Trend: Sideways / bullish
  • Resistance levels: R1 0.7496, R2 0.7550, R3 0.7617
  • Support levels: S1 0.7442, S2 0.7381, S3 0.7327
  • Point of trend reversal: 0.7400

USD/CAD

  • Current trend: Bullish / Sideways
  • Resistance levels: R1 1.3575, R2 1.3640, R3 1.3774
  • Support levels: S1 1.3456, S2 1.3387, S3 1.3289
  • Point of trend reversal: 1.3390

Gold / XAUUSD

  • Current trend: Bullish / Sideways
  • Resistance levels: R1 1256.24, R3 1264.50, R3 1278, R4 1288.36
  • Support levels: S1 1246.40, S2 1239.15, S3 1229.83, S4 1222
  • Point of trend reversal 1245

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