The FOMC meeting today will determine if interest rates are kept at current rate or cut. The expectation is for a revised dot plot indicating fewer rate cuts than previously anticipated, potentially strengthening the dollar and weakening risk assets.
Euro (EUR/USD):
- Trend: Bearish (short-term downtrend)
- Today’s Focus: FOMC meeting and rate cut expectations. Fewer rate cuts than anticipated could strengthen the dollar and weaken the euro.
- Support Levels: 1.0713
- Resistance Levels: 1.0750, 1.0785, 1.0803, 1.0845, 1.0902
- Trading Ideas:
- Sell according to the pattern at resistance levels with targets at 1.0765 and 1.0720.
- Alternative scenario: Upward trend resumes if resistance at 1.0902 breaks.
British Pound (GBP/USD):
- Trend: Upward (short-term)
- Today’s Focus: Important economic indicators (GDP, industrial production, etc.)
- Support Levels: 1.2711, 1.2687
- Resistance Levels: 1.2739, 1.2804, 1.2828
- Trading Ideas:
- Sell from resistance level 1.2739 with a target of 1.2711.
- Alternative scenario: Downtrend resumes if support at 1.2693 breaks.
Japanese Yen (USD/JPY):
- Trend: Bullish (medium-term)
- Today’s Focus: Intraday buying pressure
- Support Levels: 156.45, 155.85
- Resistance Levels: 157.46, 157.98
- Trading Ideas:
- Intraday buy with a target of up to 157.46.
- Alternative scenario: Downtrend resumes if support at 155.85 breaks.
Gold (XAU/USD):
- Trend: Downward
- Today’s Focus: US inflation data and FOMC meeting
- Support Levels: 2300, 2276
- Resistance Levels: 2327, 2336, 2361, 2387
- Trading Ideas:
- Sell according to the pattern at resistance levels with targets at 2314 and 2287.
- Alternative scenario: Upward trend resumes if resistance at 2387 breaks.
Oil (US Crude):
- Trend: Upward (short-term)
- Today’s Focus: Correction and potential reversal
- Support Levels: 75.19 – 74.89, 73.69 – 73.24
- Resistance Levels: 82.34 – 81.44
- Trading Ideas:
- Buy according to the pattern at support levels with a target of today’s high around 78.12.
- Alternative scenario: Downtrend resumes if price breaks below 73.24.
Cryptocurrecies:
- Bitcoin (BTCUSD): Bullish impulse expected, potential buy at 67232.99 with a target of 71827.95.
- Ripple (XRPUSD): Likely forming a new bullish impulse, potential sell at 0.475 with a target of 0.450.
- Ethereum (ETHUSD): Bullish impulse expected, potential buy at 3507.07 with a target of 3993.64.
Key Events to Watch:
- Federal Reserve Meeting: The FOMC meeting today will determine interest rate policy and could impact risk assets (EUR, GBP, metals, indices) if it signals fewer rate cuts than expected.
- Economic Data: Releases for UK GDP, industrial production, construction output, and trade balance could affect GBP/USD. Producer prices in Japan may influence USD/JPY. Inflation data and the Fed’s economic estimates could impact gold (XAU/USD) and oil prices.
Categories: Market News
