The Fed Statement this evening usually over rides the market, placing it on hold. For this reason, I believe we’ll see PA hanging around DCZ 1.2645 (which is glued to DP) for a good deal of the day. If the market is intent on forming the ‘missing’ right shoulder of yesterday’s analysis, we may see some action below that level. Pivots are mixed so direction is tough to call. Much will depend on the Fed I believe.
The Day Ahead
Trading between DS-1 and DR-1 is always our preference and today might be a good day to be true to that. Either way but not too keen to stray too far from DP again.
High Impact News – CET
|FOMC Meeting Minutes
Have yourself a Wonderful Wednesday.