USD shines after the FOMC Minutes

FOMC Minutes were not as hawkish as expected, so the USD went down. Oh wait, it is back up again. Another day, another roller-coaster reaction on the FX Market. Minute’s attraction allowed the EURUSD to break the mid-term up trendline and the horizontal support on the 1.229. The breakout is not very convincing though. I think that it would be wise to wait for the daily candlestick to close. If we will come back above the green area- that will buy. If we will stay below, that will be sell.

On USDCAD we do not have to be patient as on the EURUSD. We do have a buy signal right here, right now, as the price broke the mid-term down trendline and the horizontal resistance on the 1.268. Oh no, wait again, we do have to be patient because we do have a retail sales data from Canada in few hours, so it all can change! Worse data will confirm the technical signal and the better data can deny it and create a false breakout pattern – so a strong sell signal.

Bitcoin did not manage to break the 11k resistance and now is paying price for that. We are very close to breaking the 10k USD mark and once that will happen, a strong sell signal will be created with a target on the 6k USD again.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis