Thursday, September 17, 2015

What will FOMC do this week?

EUR is slowly climbing up. Daily price is above SMA200 and as long as we are above 1.1270 everything seems bullish. We have several support levels below and the first one is 1.1250 then 1.1215 and finally 1.1160. Once above 1.1330 upside is going to continue until the next resistance at 1.1380 and then 1.1440. I think EUR is quite much possible to turn to downside again than going up because this week's ZEW index is expected to be worse than previous. And the most important news this week is FOMC meeting and will they raise the interest rate to 0.5. If they do, then it may cause another EUR drop below 1.1000 and even below 1.09, so be very careful and place stops.
GOLD as expected continued to move along the Daily Senkou Span A price and even dropped a little below it. To restore the upside here we need a Daily break above 1120 and we have a resistance right above at 1128 followed by 1140 and from there we have a long way to 1184. To the downside support is at 1097 then 1074 and finally 1052.
NZD is still unable to find solid ground and still no signs of correction move. The pair is in a downtrend for a long time and correction is possible only above 0.6420. Below 0.6300 another drop will follow.
AUD has started recovery and for now it is doing well. The pair is supported by 0.7110 and above this we are bullish, resistance comes at 0.7175 and then at 0.7210. There is a solid support area between 0.7050 and 0.7065, which for now prevents any significant downside attempts.
JPY consolidated now in smaller range after the huge drop two weeks ago. Now we are close to 120.00 level, some of the bulls still cannot accept that the upside is over, because is may be not. Daily outlook is still negative but not everything is lost shows Weekly chart. Another upside wave may start above 121.20 but below 119.50 downside will develop quick.
GBP/USD succeeded to stay above 1.5350 which for now prevents the pair from sudden price loss. We have good support area from 1.5320 to 1.5350. But once below downside will continue to 1.5120 and maybe below. Upside is more likely to be restored above 1.5540 which is the next resistance.
GBP/JPY here H4 indicators are bullish above 184.70, but the pair is still in a small downside correction which may continue for another day. Main support is at 184.20 and below that we may test 183.00. Above 186.00 upside will target 186.90 and 187.40.
RUB is in a consolidation between 68.40 and 66.00. I do not expect to break either of these two until FOMC on Thursday, so consolidation here will continue in the same range for the next two days.
http://www.fxstreet.com/analysis/todays-forex-forecast/2015/09/15/