Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Daily Report: Dollar Turns Soft as Markets Await FOMC Hike, Sterling Looks into Job Data Dollar trades broadly softer in Asian session today as yesterday's rebound attempt lost steam. Traders are also turning more cautious ahead of FOMC rate decision. While Fed is widely expected to hike, the main question remains on whether there will be three or four hikes this year. Also, Jerome Powell will also make his debut and hold the first post meeting press conference as Fed chair. Elsewhere in the forex markets, while Sterling dipped yesterday following lower than expected CPI, lost was limited. The Pound will look into today's employment data, and then tomorrow's BoE rate decision. Canadian Dollar is notable higher as lifted by news on positive development in NAFTA talks. Technical Outlook USD/CAD Daily Outlook Daily Pivots: (S1) 1.3047; (P) 1.3075; (R1) 1.3098; More.... USD/CAD's retreat from 1.31214 extends lower today and reaches 1.3009 so far. Deeper fall could be seen to 4 hour 55 EMA (now at 1.2986). But strong support should be seen above 1.2802 cluster (38.2% retracement of 1.2246 to 1.3124 at 1.2789) to contain downside and bring rally resumption. On the upside, break of 1.3124 will extend recent rally to 161.8% projection of 1.2061 to 1.2916 from 1.2246 at 1.3629 next. Suggested Readings FOMC Preview: Connecting The Dots US Dollar Rises Ahead Of Fed Rate Announcement March FOMC Meeting Will Be Epic, But Will Jerome Powell Revive The US Stock Market? Fed Widely Expected To Hike Rates, Forward Guidance To Move The Dollar GBP/USD Downsides Remain Supported Above 1.3950 Economic Data
|
 |
| |
