Forex

Forex Analysis Report 6-24-19…I Missed My USD/CAD Short Trade Set-Up

A divided Federal Reserve held the line on interest rates Wednesday and indicated formally that no cuts are coming in 2019. The decision came amid divisions over what is ahead and still leaves open the possibility that policy loosening could happen before the end of the year depending on how conditions unfold.

The central bank predicts one or two rate cuts in its set of economic predictions, but not until 2020. Despite cautious wording in the post-meeting statement Wednesday, markets are still betting the Fed cuts, as soon as July.

Source

Not only are the Equity Markets still betting on a Fed cut, but the Forex Markets are betting on a Fed cut as well, as indicated by the weak dollar. Oil prices continue to climbed as tensions remain high between Iran and the United States.

In the most recent news U.S. President Donald Trump said last week that he called off a military strike to retaliate for Iran’s downing of an unmanned U.S. drone.

Monthly Chart (Curve Time Frame) – price came into monthly supply once again.

Weekly Chart (Trend Time Frame) – price also broke the weekly up trendline.

Daily Chart (Entry Time Frame) – the chart suggested to go short price on the pull back to the gets to the daily supply at 1.34080. The trade set-up was good for at least a 4:1 Reward to Risk ratio.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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