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US dollar edged higher Tuesday, a day before the FOMC is expected to announce an interest rate increase. Some analysts believe the economy could get a boost if Republican lawmakers pass sweeping tax cuts in coming weeks, pushing the Fed to raise rates at a faster pace next year.
EUR/USD is under pressure touching a low yesterday at 1.1716. Preference is till to maintain short positions below 1.1770 with targets at 1.1650. Alternatively, above 1.1770 look for a rebound to 1.1820.
On the data slate there’s German Wholesale Price Index; German CPI; UK Claimant Count Rate; UK Jobless Claims Change; UK Average Weekly Earnings; UK Unemployment Rate; UK Employment Change; Euro-Zone Industrial Production; Euro-Zone Employment; US Mortgage Applications; US CPI; US Real Average Weekly Earnings; US Crude Oil Inventories; US FOMC Rate Decision and US Janet Yellen Holds Press Conference Following FOMC Meeting.
SELL EUR/USD @ 1.1750 OR BETTER – STOP @ 1.1820 – TARGET @ 1.1650
SELL GBP/USD @ 1.3335 OR BETTER – STOP @ 1.3390 – TARGET @ 1.3265
BUY USD/JPY @ 113.30 OR BETTER – STOP @ 112.80 – TARGET @ 114.10
SELL CL0118 @ 57.60 OR BETTER – STOP @ 58.30 – TARGET @ 56.85
SELL AUD/USD @ 0.7570 OR BETTER – STOP @ 0.7610 – TARGET @ 0.7465
SELL XAU @ 1248 OR BETTER – STOP @ 1255 – TARGET @ 1235
SELL XAG @ 15.80 OR BETTER – STOP @ 16.30 – TARGET @ 15.30
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