The day we have all been waiting for is finally here and it looks like we have one of the most controversial FOMC decisions in some time.

President Trump has been an outspoken critic of the Fed and he continued his barrage yesterday as he suggested that rates should be kept on hold.

At this stage the odds of a hike in December appear to be sitting around the 70% mark, but that is down from what many considered to be a near certainty only a few weeks ago.

Much of the attention will also be on the outlook. Recently it was believed that the Fed would push forward with three hikes in 2019, but clearly that is looking a lot less likely. The odds of multiple rate increases now look slim, with some suggesting that they now might not even happen until late 2019 if at all.

That will be a bit of an about face from Fed boss Jerome Powell, but he has been easing the market into that type of thinking over the last few weeks.

It should be a huge day for traders so get ready for some action.

Forex Signal Update

The FX Leaders Team had a quiet day finishing up one and three.

Gold – Active Signal

Gold is very much in-play ahead of another potential rate hike. Our signal is under a fair bit of pressure, but we have been scalping on the way back up. Look for a hold above 1250 for more long signals here.

AUD/USD – Active Signal

The AUD/USD is holding below 0.7200 level but it is certainly being tested. Sellers keep stepping up for now, but we will have a decision one way or another post-FOMC.

Cryptocurrency Update

Bitcoin has been strong for a second day and has not only held $3,500 but started to push away from price. That’s about all we can ask of it at the moment.

Obviously, the next level to focus on now become $4,000. I won’t be getting long, but the selling might have ended for the time being. Is it a dead cat bounce? I’m not sure at this stage, but my bias is still to the short side.