Home Event FOMC protocols publication after hawkish meeting

FOMC protocols publication after hawkish meeting

05.07.2018

Tool: EURUSD

Position: Sell

(1 ratings, average: 5,00 of 5)

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Even though the ongoing week is quite intensive and economic news today are flooding in abundance, including ADP’s job market report in the US and PMI provided by ISM Markit, I suggest to pay close attention to the publication of FOMS protocols, which is scheduled at 9 PM Moscow time. This protocol will shed light on the discussion between the Fed’s members, the results of which would reconsider outlooks with regards to inflation growth and the US economy. Moreover, it will present Fed’s forecast for 4 rate’s increases this year against 3 before the meeting. If we look at it from one perspective, we can assume that as part of a press-conference after the committee meeting, the Chairman of the Federal Reserve, Powell, has provided substantial commentary and today’s protocols will not lead to significant USD’s reaction. However, if we approach the situation differently, Powell’s following announcement was hawkish enough, and the publication of the protocols that would be as hawkish as this one may lead to one more tide of USD purchases. An ascending channel at H1 is possible to note, the upper margin of which is in the range 1.1740-1.1760. At the same time, this channel forms bearish flag, the profitable work of which requires that the low margin of the flag is hit and descends towards the level of 1.1730. This recommendation is still relevant, however, its stop-loss can be transferred to the profit zone at the level of 1.1640. Today, to this trading idea I will add the introduction of the postponed selling order from the level of 1.1740 with a stop-loss at 1.1780 and the lowest take-profit — 1.1660. This take-profit is the lowest because the descending potential f the pair is at the base 1.14хх, however, we will target these levels laters after the bearish flag is hit down.

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FOMC protocols publication after hawkish meeting

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