Wojciech Matysiak
MyFXspot.com
In line with expectations, the Federal Reserve raised the target range for the fed funds rate by 25 bp to 1.25% - 1.50%. The post-meeting statement highlighted a strengthened economic outlook and the Committee’s increased confidence to hit the inflation target before the end of this year.
Along the same lines, the update Summary of Economic Projections showed stronger growth forecast for 2018 and 2019 (reflecting the impact of the fiscal stimulus), a lower path for the jobless rate, and the anticipation that core inflation will exceed 2% next year.
This is how MyFXspot.com trades today:
EUR/USD
Trading strategy: Long
Open: 1.2330
Target: 1.2550
Stop-loss: 1.2245
Recommended size: 2.11 mini lots per $10,000 in your account
Short analysis: The pair climbs back above the daily cloud top as well as the 10, 21 & 55-Day SMAs. RSIs are biased up again and give us bullish momentum. We opened EUR/USD long at 1.2340 for 1.2550.
GBP/USD
Trading strategy: Long
Open: 1.4085
Target: 1.4300
Stop-loss: 1.3985
Recommended size: 2.00 mini lots per $10,000 in your account
Short analysis: The GBP/USD bulls have broken the 30-day upper bollinger-band, (1.4088), which encouraged us to open a long position. Fourteen-day momentum remains positive, the target is 1.4300.
USD/JPY
Trading strategy: Short
Open: 106.00
Target: 1004.00
Stop-loss: 107.00
Recommended size: 2.12 mini lots per $10,000 in your account
Short analysis: The falling kijun line, currently at 106.58, has capped USD/JPY for now. The downtrend from January remains intact. We opened short at 106.00. The new target is 104.00.
USD/CAD
Trading strategy: Short
Open: 1.2900
Target: 1.2600
Stop-loss: 1.3050
Recommended size: 1.72 mini lots per $10,000 in your account
Short analysis: The USD/CAD broke below short-term moving averages, which is an important bearish signal. We expect a further downward move in the coming days. Short for 1.2600.
AUD/USD
Trading strategy: Long
Open: 0.7760
Target: 0.7950
Stop-loss: 0.7690
Recommended size: 2.50 mini lots per $10,000 in your account
Short analysis: The AUD/USD pierced the 7-day exponential moving average and the next resistance level is 0.7785. The momentum is turning bullish. Long for 0.7950.
EUR/GBP
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: RSIs deepen their slide and a new trend low is set. Bear sentiment is increasing. The pair's long-term consolidation phase might be ending. We are waiting for clearer signals before opening a new position here.
Our research is based on information obtained from or are based upon public information sources. We consider them to be reliable but we assume no liability of their completeness and accuracy. All analyses and opinions found in our reports are the independent judgment of their authors at the time of writing. The opinions are for information purposes only and are neither an offer nor a recommendation to purchase or sell securities. By reading our research you fully agree we are not liable for any decisions you make regarding any information provided in our reports. Investing, trading and speculation in any financial markets may involve high risk of loss. We strongly advise you to do your own research before making any investment decision.
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