I did not believe that FED would increase the interest rate, but it did happen after all. Obviously there were good enough reasons to take such a step. What is more, FED Chair Janet Yellen announced that they are preparing to hike the interest rate a few more times in the coming year. Of course, the market reacted both wildly and adequately to these news.
EUR/USD began its fifth wave of the move to the downside which has been forming for the past few years and which resembles a large range developing in a rather clear range channel. If that is the case then we will likely see the EUR attempt to reach parity.
The USD/JPY impulse move to the upside continued. My hope is that it won’t form a higher high than the 125.854 high that was formed in June 2015. This impulse strongly resembles a fifth wave from the Elliott Wave Theory which could turn out to be shortened. For now it is too early to tell.
Great market review and excellent analysis! Thanks for sharing!
ReplyDeleteVery helpful analysis.
ReplyDeleteGood point! I´ll be watching to those levels.
ReplyDeleteVery insightful post, thank you.
ReplyDeleteInteresting patterns developing.
ReplyDeleteHelpful info!
ReplyDeleteGood tips.
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