FOMC The Dollar Can’t Hold Its Ground
Getting hidden clues all day long that the Euro markets would look to move higher as every time they would attempt a sell line push the market would find itself in a rebound off support.
With the FOMC the Euro caught a bid off the 1.09690 target support area only to move momentarily below the pivot range and sell line. Both the GBP and EUR now getting ready to close above the pivot ranges,trading ranges and target lines. Marking moves greater than 20% of the day, maybe with this behavior the markets have begun a upward swing for the next couple of days.
In the Pacific the JPY had news conduct it’s shakeout but it looks like no market direction is bias as it is ready to close inside of its trading range. Still holding its upward swing momentum which needs to stay above 105.30 to stay valid.
The AUD continued to show its weakness by final breaking lower on its downward movement. Its direct resistance 74650–60 which was the fight towards the end of the day has been broken to the upside with a bang.
The USD is taking blows to the face and body for the close today.
Originally published at theefficienttrader.com on July 27, 2016.