USDollar Unchanged Pre-FOMC
The USDollar is in focus today, with a big FOMC rate decision scheduled at 18:00 GMT. While the USDollar is currently trading virtually unchanged for the day, many traders are looking for the news for a possible breakout in either direction. Using Camarilla pivot points, bullish breakouts are set to begin on a move above the R4 pivot found at 11,989. Conversely a decline in price below the S4 pivot, found at 11,929, would have bearish implications on the creation of a new weekly and monthly low for the index. In either scenario, traders can use this directional bias to establish a trading direction for popular Forex pairs including the EURUSD and GBPUSD.
In the event that prices fail to breakout, traders will look for continued consolidation in the USDollar. This includes the potential for price to remain range bound inside of today’s trading range. Today’s range begins with support being found at 11,944 and resistance identified above at 11,974. In this scenario, any entries for breakouts would at least temporarily be put on hold. At which point, traders may adjust their strategy to fit the appropriate market condition.
In the event that prices fail to breakout, traders will look for continued consolidation in the USDollar. This includes the potential for price to remain range bound inside of today’s trading range. Today’s range begins with support being found at 11,944 and resistance identified above at 11,974. In this scenario, any entries for breakouts would at least temporarily be put on hold. At which point, traders may adjust their strategy to fit the appropriate market condition.
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