Disliked{quote} Read your chart. Can you help me with post 28456, 28457 and 28458 please. ThanksIgnored
Sure it is better to wait for the pull back, move away. You are better to miss a good trade than being in a bad trade, just like I was today!
But also reading the news could help take decision about the market, because of increased volatility in the market:
Market is having FOMC statement tomorrow at 2 pm. It is very important, and the best place to be is on the side line until the result is well known…At the least, I am. Volatility should be at that meeting too…
I’ll get back to you later about what you are asking me, I am gone now, sorry I have things to do for now.
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There is my view:
Again here with the NZDUSD, the market looks like a “freeze” situation, as well as pairs closely related to USD and beyond, are putting themselves in neutral gear, waiting for the result of the FOMC today at 14:00hrs local. That pair is standing right in the middle of a channel. Which way?
AUDNZD: the picture here is that pair is touching the upper border of the daily channel. It could be considered as a barrier, than waiting for a break, pull back and move away or a move back down inside the daily triangle would be wise.
As for the EURUSD:
The real floor is on the monthly chart which is at 1.2290 or so, but where the pair is standing now there is a barrier, so price is standing right there now. FOMC should give the drive to bounce or break it. Many traders, I guess, are waiting for the result. My personal view would be to wait after the FOMC for a clear direction. And at the same time, the pairs you mentioned will also unlock that “freeze” state.
For about 6 months the USD is going north, if the FOMC result gets favourable to the USD, there will be probably just a continuation down with the same beat ( EURUSD as example), no course changing, just like going to work every day as usual. But if it is the contrary, rather not favourable, then my guess is that strength given to other currency by the sudden weakness of the dollar, could be responding with force and could be expressed by strong candles against the USD. The crowd will change pole. If you look at the EURUSD monthly chart it is quite evident that we're getting close to a main support caused by main fundamentals and FOMC plays in the same fields.
But it is just my view.
Yvon