The Fed Meets To Discuss Monetary Policy

“Some trades are quick, some trades are slow, some trades make a few pips, some trades make hundreds of pips.”

Everyone held their breath this week for the Jackson Hole Summit Fed Meeting where the Board of Governors of the Federal Reserve System met and Chair Janet Yellen gave her much-anticipated speech.

Here’s what got the market excited;
“I believe the case for an increase in the federal funds rate has strengthened in recent months.”
As well as a number of other positive statements like;
“The FOMC continues to anticipate that gradual increases in the federal funds rate will be appropriate over time.”

What does this mean for FOREX Traders?

It means we could be seeing a resurgence of strength in the US dollar… which means that buying into the US dollar as well as selling weaker currencies paired against the dollar could be
the best way moving forward.

Watch out for our “Start of the Week Analysis” post on Monday for more tips on potentially great trades for next week.

To start taking advantage of the Forex Markets, register to get our alerts, notifications and special indicators here – https://trendprofiteer.com

jacksonholesummit

Last Monday, we said;
“We’ve already taken long positions on the USDCAD and the USDCHF” and “The other US$ cross we are looking at closely is the USDJPY.”

Well, here is how we went;
* USDCAD: Entered at 1.2890 and hit Target 1 at 1.2980 for 90 pips. The pair remains bullish and currently 115 pips in profit
* USDCHF: Entered at 0.9630 and over halfway to Target 2, currently 150 pips in profit
* USDJPY: Entered at 100.85 and stopped out at 100.10 for a loss of 75 pips. The pair is currently sitting at 101.81 which is 96 pips up on our original entry #bittersweet (we have since
taken a new buy position – more info on Monday)

Two other highlights this week came from signals issued on August 17. Two days before, on August 15, we said;
“This week, we could see a “relief rally” on the sterling currency, particularly on some crosses like the GBPAUD and GBPCAD.”

So, here is how they went;
* GBPAUD: Entered at 1.6950 and hit Target 2 at 1.7340 for 390 pips. The pair remains bullish.
* GBPCAD: Entered at 1.6785 and hit Target 2 at 1.7030 for 245 pips. The pair remains bullish.

Oh.. here’s what else we said last Monday;

* GOLD – A new downtrend on the 4-hour has formed with price not being supported above the $1345.39 Macro Level. We could now be seeing a correction downward as suggested last week
–> Currently $1,321.36 which is over 2,000 pips in profit
* EURUSD – Currently at the 1.1270 support level however if we see price fall and close below this level on a new 4-hour downtrend, we could see a drop towards 1.1098 or lower
–> Currently at 1.1193 which is 77 pips in profit
* AUDUSD – Currently in downtrend with next support at the 0.7533 Level. If we see it break lower, a new daily downtrend could form which would be the first daily trend change since
August 2 and may place the pair under more pressure to fall towards the 0.7385 level
–> Currently at 0.7562 which is 114 pips in profit and a new daily downward trend is now confirmed!

To start taking advantage of the Forex Markets, register to get our alerts, notifications and special indicators here – http://www.traderselite.com/special

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