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USD: Greenback on Front Foot As Fed Decision Approaches

USD
USBulletMarketsForeign Exchange BulletsNorth America
  • A little under 25 minutes until the Fed decision and the greenback remains on the front foot Wednesday. The ICE USD Index extends gains to around 0.60% on the session, although remains only just above last Friday’s close.
  • For the major pairs, EURUSD’s ongoing pullback is allowing an overbought uptrend to unwind, with the pair tracking around 1.0865 at typing. Initial support remains much lower – at 1.0761 and 1.0721, the 20-day EMA. Overall, the trend needle still points north and the recovery highs at 1.0955 will be in focus should the Fed provide a dovish tilt to its communication.
  • As noted, USDJPY maintains a firmer short-term technical tone, signalling potential for a climb towards the 50-day EMA, at 151.28. Note that the Mar 3 high is also at 151.30. Support is not seen until 147.75, the March 14 low.
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  • A little under 25 minutes until the Fed decision and the greenback remains on the front foot Wednesday. The ICE USD Index extends gains to around 0.60% on the session, although remains only just above last Friday’s close.
  • For the major pairs, EURUSD’s ongoing pullback is allowing an overbought uptrend to unwind, with the pair tracking around 1.0865 at typing. Initial support remains much lower – at 1.0761 and 1.0721, the 20-day EMA. Overall, the trend needle still points north and the recovery highs at 1.0955 will be in focus should the Fed provide a dovish tilt to its communication.
  • As noted, USDJPY maintains a firmer short-term technical tone, signalling potential for a climb towards the 50-day EMA, at 151.28. Note that the Mar 3 high is also at 151.30. Support is not seen until 147.75, the March 14 low.