DOLLAR INDEX DAILY ANALYSIS (GOING INTO FOMC)
Wednesday's FOMC, the question is are the feds going to raise rates this year? The beginning of 2016 we were scheduled for 4 hikes this year 4 went to 2 and historically there's only been a rate hike by quarter (Quarterly meetings are followed by a press conference) Now that will leave september and december on the table. There's a very little chance that the feds will hike wednesday But I will be paying close attention to the language and the dot plot.
Technically the dollar index is bullish After forming a double bottom @1170 but over extended I'll be watching for a pullback. We also put in a Inverted hammer on Monday after failing to break above last weeks highs, also RSI is holding 60 The zones in red that I've marked on the chart is where we can see price in the event of a overly hawkish or overly dovish fed.
Ichimoku is also showing a bullish trend but is over extended.
Technically the dollar index is bullish After forming a double bottom @1170 but over extended I'll be watching for a pullback. We also put in a Inverted hammer on Monday after failing to break above last weeks highs, also RSI is holding 60 The zones in red that I've marked on the chart is where we can see price in the event of a overly hawkish or overly dovish fed.
Ichimoku is also showing a bullish trend but is over extended.
Comment:
Dollar bouncing off Tenkan sen @12043 Let's see how the day closes
Comment:
The Dollar had a bearish follow through on tusday after Mondays Inverted hammer. Price bounced off TS and failed to close below the CS pivot @12060. TS could provide support @12047 going into tomorrow's FED decision.