Uneasy FOMC

Monica Kingsley Monicakingsley

S&P 500 showed premarket weakness, some more on the opening bell, and that was it – I had to change tune fast, just as with Monday‘s gap close and no looking back. It‘s not just FOMC today, we have MSFT and META earning following after the close. USD is trying to recover some ground, but can it be enough for breakdown invalidation? I doubt that, and let me treat you to today‘s analytical preview from Trading / Stock Signals (chart only) illustrating what I were saying for weeks – this (stock market) environment isn‘t great for swing trading trending strategies, and one simply must take profits whenever they‘re there during the day (and precious metals overnight gaps are a chapter for itself).

Author

Monica Kingsley

Monicakingsley

Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.

EUR/USD loses further momentum, revisits 1.1930

EUR/USD surrenders further ground and approaches the 1.1930 region, or daily troughs, on Wednesday. The pair has retreated from a five-year high as US Dollar demand picks up again, with traders turning cautious ahead of the key Fed meeting later in the European evening.

GBP/USD remains offered, focus is on 1.3750

GBP/USD is clocking marked losses near the 1.3750 zone midweek. Cable’s pullback comes as the Greenback stages a robust bounce, with traders taking profits and squaring positions ahead of the Fed’s key policy announcements later in the day.

Gold retreats from record highs ahead of Fed’s decision

Gold now gives away part of the earlier bull run to all-time highs past the $5,300 mark per troy ounce on Wednesday. Investors continued to seek out traditional safe havens amid persistent economic and geopolitical uncertainty, with markets also staying cautious ahead of the FOMC event later in the day.