Majors on Tuesday: The Majors Wait on the Fed
Rowan Crosby • 1 min read
Monday was a bit of a slower session for the majors. Traders are all clearly waiting on the Central Banks and their interest rate decisions before they put too much money into the markets this week.
The Kiwi was one of the big movers overnight after it appointed a new chief to head up their Central Bank. The NZD/USD was one of the biggest movers over the course of the day and we now have to ask whether it is presenting a good opportunity to sell or whether this is now a period of consolidation?
The USD was largely unchanged as we wait to see whether the Fed will, in fact, lift rates this week. All the speculation suggests that it will, however, that might just be priced into the market already.
AUD/USD – The AUD reached the lows and has bounced to the level we wrote about yesterday.
EUR/USD – The Euro bounced before retracing. Still grinding its way lower which is nice for our signals.
USD/JPY – I’m bullish and looking for a move to 114.00.
NZD/USD – The Kiwi has rallied and we will need to look at the price action around 0.6950 for a potential sell.
USD/CAD -The CAD is trying to test 1.2900, but has consolidated.
USD/CHF – The Swissy has pulled back off its highs and is looking like it might be at a reversal point.
GBP/USD – The pound has done an about-face and is now moving to the 1.3300 level.
US Dollar Index (DXY) – The USD has is trying to test 94.00, however, I don’t expect much to happen prior to the Fed.