Morning Preview: FOMC Day is Upon US - Forex News by FX Leaders

Morning Preview: FOMC Day is Upon US

Posted Tuesday, September 19, 2017 by
Rowan Crosby • 1 min read

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.

Yen

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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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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