Trading plan for November 29

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The most important event for today will happen during the American session. The release of minutes of the Federal Open Market Committee November’s meeting is scheduled at 21:00 MT time. Yesterday, the Federal Reserve chair Jerome Powell threw hints on making a pause in lifting interest rates after the expected rate hike in December. His dovish comments weakened the USD, so maybe today’s release will gain back the investors’ confidence.

How the key currency pairs will react?

EUR/USD tested the resistance at 1.1378. Dovish tone of the FOMC statement will help the pair to rise towards the resistance at 1.1429. From the technical side we can see that the bullish engulfing candlestick was formed. This could mean a potential reversal. Otherwise, if the statement contains some supportive data for the USD, it will fall towards the support at 1.1284.

The British pound followed the same scenario after the dovish Powell. The Brexit tensions seem to cool down a bit ahead of the Parliamentary vote on December 11. If the FOMC statement shows uncertainty, GBP/USD will stick above the resistance at 1.2832. Otherwise, it will fall towards the support at 1.2738.

The USD suffered losses while trading against the Japanese yen. Positive comments from the American central bank will help the pair to rise towards the resistance at 114.132. In case of dovish tone, the pair will stick below the support at 113.286.