The market is now in a bit of a consolidation as we await the next key catalyst which will likely be the details of the first trade deal. Everything revolves around that because on the rates front, the Fed is not going to cut amid this uncertainty until the labour market cracks.
The market will want to see if 10% is the floor or we can get lower. Above 10% will likely be taken as a disappointment and should trigger another selloff. Conversely, a rate below 10% (the lower the better) should take us to all-time highs pretty quickly.
On the 4 hour chart, we can see that the price action formed what looks like an expanding rising wedge. The buyers will likely continue to lean on the trendline to keep pushing into new highs, while the sellers will look for a break lower to extend the pullback into the 90K level. Watch out for the FOMC decision today as it could provide a dip-buying opportunity as the market continues to keep a positive outlook for the first trade deal.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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