Hello traders welcome to a new trading day. So today I do except some price action before the FOMC data release. I have looked at all the charts and I have to say this is going to be a challenge today. Please watch for your data releases. To be honest the charts look very ugly to me and no direction all over the place. OK so I have to say there is really some crazy price action going on however I liked this chart as you can trade this in both directions with minimal draw down OK let us look at EURAUD- This is the 30 minute chart chart. Today we have a daily chart that is bullish and sideways and in a nasty range. I see we have a chart that is at support and the bias on this chart is bearish. I am looking for this to pull up to the resistance level as marked on the chart at 1.5811, and look for a bearish candle and sell this back down. Traders I find no problem if you want to buy this up to resistance as it is above the daily pivot point. I would look to take profit on the sell trade back at support at price level 1.5117.
Traders have a good trading day and please be alert as it could be a wild trading day … Good Luck…William