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18 September 2013 | Free Daily Analysis | EURUSD : STAND OFF CONTINUES


G’day Surfers – maybe the Fed can make the move!

Yesterday’s Report

 

Best described as a lack lustre day in FX Land, Tuesday’s Market ranged a mere 42 pips, moving only briefly around News releases. We spotted an opportunity to benefit from a break Short but consolidation lasted longer than our order, which timed out.

Technical Analysis

 

Virtually a carbon copy of yesterday with Price Action (PA) lingering above a tested Daily Pivot (DP) and range bound. With intraday support & Resistance Trendlines “closing in” a break is imminent. The direction of that break is unclear with Pivots Mixed, an open Gap and a Chart Pattern that resembles Superman’s Badge #1 more than it does a direction finder.

The absence of a reversal pattern on any Chart, keeps me slightly Bullish but the consolidation may not be over.

The Day Ahead

 

Perhaps the market awaits the much anticipated FOMC Statement later today and a repeat of yesterday is possible. Speculation surrounding the Fed’s “Tapering” might just get things going a little earlier – keen eyes on our Hotspots.
High Impact News
2:30pm USD Building Permits
8:00pm USD FOMC Economic Projections
USD FOMC Statement
8:30pm USD FOMC Press Conference

Wonderful Wednesday all.

Geoff Pyne  
CERTIFIED TRADER

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