Morning Preview: FOMC Day is Upon US
Morning Traders,
It seems like the stock market rally won’t halt just yet, albeit the action isn’t looking really strong. Overnight, the SPX nudged higher ahead of Wednesday's FOMC meeting which will be sure to shape the short-term future of US and potentially worldwide markets.
While interest rates aren’t the main thing on the FOMC, traders will be keen to find out just what the Fed has in store with their ‘Quantitative Tightening Program’.
The AUD was a strong performer overnight as it rallied after the RBA minutes sunk in. Overall there was a bullish tone to the talk surrounding the Aussie economy.
Yen Meets Resistance
The USD/JPY has tried to push up to the 112.00 level but hasn't quite made it. I feel like it now will act as a good resistance level. However, I won’t be holding and USD trades headed into the FOMC so consider be sure to consider an exit plan prior to any entry.
USD/JPY – 240 min Chart
Key Levels
Support | Resistance |
111.00 | 111.70 |
110.17 | 112.00 |
110.00 | 112.15 |
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