The mid-week forex review video shows that the markets are slowing in anticipation of the FOMC announcement later today. There are a lot of forex pairs that are at an ATR on the higher timeframe or a retracement is expected on the lower timeframe.
Mid-Week Forex Review
In this Forex review, Gail Mercer (founder of TradersHelpDesk) provides an update on the forex markets prior to the FOMC announcement later today. Basically the forex market is moving slow in anticipation of the announcement later today. Although Gail may enter binary options immediately prior to the announcement for now she is holding tight.
- AUDUSD may move down later today as there is short divergence on the 60-minute chart and it is overbought on the 240-minute chart. However, there is not a setup in play yet.
- EURJPY is retracing back to the ATR on the 240-minute chart but the 60-minute is oversold and needs to test the congestion dot. I would analyze at the congestion dot.
- EURUSD is overbought on the 240-minute chart and I would anticipate a downward move to the ATR.
- GBPJPY is at the ATR on both the 15 and 60-minute charts. Although the 240-minute chart is in a range and price is mid-range at the moment. A long could be entered but it is not the best setup as it could go either way with the range on the 240-minute.
- GBPUSD is at the ATR on the 240-minute but no confirmation of a move down on the 60 or 15-minute timeframes.
- USDCAD is at the ATR on the 240-minute but no confirmation of a move up on the lower timeframes.
- USDCHF is trading below the ATR on the 240-minute chart but the 60-minute is at a congestion dot and test for resistance is needed.
- USDJPY is approaching the ATR on the 240-minute chart and at the congestion dot on the 60-minute timeframe. I would wait for the test for resistance as it may break thru if the 240-minute ATR (below price) is going to hold.
- EURGBP bounced off the 240-minute ATR but the lower timeframes are pointing downwards at the moment even though there has been sellers divergence indicating an upward move. Wait for confirmation on lower timeframes or a break of the ATR on the 240-minute chart.
Forex Review UPDATE:
Here’s the trade on the EURUSD, which Gail had to exit early as the 15-minute chart indicated that it may go against her.
TradersHelpDesk currently offers two packages — the Create Your Own Package and Silver Package and both include the indicators, documentation, and online video training. Plus, if you are new, I even connect and install the indicators for you! For those that just wish to use the Trend ATR indicator it is also on special for only $295.