Market Brief / 14-12-2017

lordoftruth (71)in #forex • 6 years ago

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US dollar fell after the Federal Reserve raised interest rates. The dollar slipped as officials maintained their forecast for three rate increases in 2018. Fed Chairwoman Janet Yellen said that expected adjustments to the tax code would probably provide some lift to economic growth. Most officials factored in the prospect of those changes, Ms. Yellen said in a televised news conference.

EUR/USD advanced to 1.1824 after the FOMC announces the rate hike. Under normal circumstance when a currency interest rate is raised it strengthens the currency. This is just temporary, the USD will recover very quickly and the EUR/USD will continue its downward. This will be a good opportunity to short the EUR/USD at the higher levels. The EUR/USD major resistance is at 1.1880 and any other advances will be limited.

On the data slate there’s Switzerland SNB Sight Deposit Interest Rate; German Manufacturing PMI; German Services PMI; Euro-Zone Manufacturing PMI; Euro-Zone Services OMI; UK Retail Sales; UK BOE Bank Rate; UK BOE Asset Purchase Target; Euro-Zone Rate Decision; Euro-Zone ECB Marginal Lending Facility; Euro-Zone ECB Deposit Facility Rate; Euro-Zone ECB President Draghi Holds News Conference in Frankfurt; US Initial Jobless Claims; US Continuing Claims; US Retail Sales; US Manufacturing PMI and US Services PMI.

My Personal Trading Plan
SELL EUR/USD @ 1.1830 OR BETTER – STOP @ 1.1880 – TARGET @ 1.1730
SELL GBP/USD @ 1.3430 OR BETTER – STOP @ 1.3490 – TARGET @ 1.3310
BUY USD/JPY @ 112.60 OR BETTER – STOP @ 112.10 – TARGET @ 113.50
SELL CL0118 @ 57.00 OR BETTER – STOP @ 57.60 – TARGET @ 55.80
SELL AUD/USD @ 0.7675 OR BETTER – STOP @ 0.7730 – TARGET @ 0.7580
SELL XAU @ 1258 OR BETTER – STOP @ 1265 – TARGET @ 1242
SELL XAG @ 16.35 OR BETTER – STOP @ 16.80 – TARGET @ 15.60

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.