Morning Guys and Girls,

It seems that while the FOMC didn’t change official interest rates, they’ve done enough to shake markets up. The word coming out of the Fed is that the US is going to move on the path to higher interest rates a lot faster than many were expecting.

This suggests that they’re bullish on the overall state of the economy and that was reflected in the price of the USD, bond yields and gold.

I’m looking for some more momentum to come from this now. It might just be a spark for the USD and hopefully, we can see some follow through in today’s session.

Top Economic Events Today

It’s relatively quiet on the economic news front with no top-tier data, however, there are a couple of ECB speakers worth watching out for.

EUR – ECB's Praet Speaking

At 9:30 GMT, Mr Praet is chairing the policy panel at the ECB conference "Low inflation: Lessons from the past! Lessons for the future?" in Frankfurt, Germany.

EUR – ECB's Draghi Speaking

AT 1:30 GMT,  President of the ECB and Chair of the European Systemic Risk Board will speak at the 2nd ESRB annual conference in Frankfurt, Germany.

Gold – Has Gold Turned Bearish?

Gold has been in focus in the last few weeks given the geopolitical tensions and now the fact that QT is on the agenda. We keep hitting key support levels and breaking them. So now I’m thinking about looking to go with the short-term trend to the downside.

Gold – 240 min Chart

Key Levels

Gold – Trading Plan

1300 is a major support level. However, I don’t know if we are going to be able to rally back through 1310 all that easily. I’ll be looking to sell above 1306, with stops above 1310.

EUR/USD – Finding Support

The FOMC has helped lift the USD, to the detriment of the other currencies. That said it might be giving us an opportunity as we approach key support.

EUR/USD – 240 min Chart

Key Levels

EUR/USD – Trading Plan

I’m still bullish on the Euro despite any USD strength. I’ve been watching and waiting at the 1.1850 level all week and if we get some follow through I expect a bounce off that level. Given the momentum, I’m not ready for a big retrace just yet but we might be able to settle back near 1.1900.

I’m very interested to see the fallout from the FOMC. Can we get some more follow through or is a retrace the order of the day? Stay tuned for the very best signals from our team of analysts and you’ll be ahead of the game.

Have a great session guys!