Trading plan for 13/12/2017 13.12.2017


Hours before the FOMC decision, the US Dollar came under pressure as a result of the US Senate’s complementary election, which ended with the Democrat candidate’s victory. The USD loses in reaction to the election result. AUD and NZD lead the way up to 0.7570 and 0.6940, respectively. EUR / USD rebounded to 1.1750 and USD / JPY pre-staged to 1113,10, but managed to rebound to 113.40.The stock market draws a mixed picture. Nikkei2225 lost 0.5% today under pressure of USD / JPY correction. But in China, the indexes are growing – Shanghai Composite gains 0.7%, and Hang Seng grows by 1.4%.

On Wednesday 13th of December, the event calendar is busy with important news releases. The event of the day is FOMC interest rate decision and statement, but there are other data waiting for a release: US CPI, US Crude Oil Inventories, UK Claimant Count Change, German Final Consumer Price Index and Industrial Production and Employment Change.

EUR/USD analysis for 13/12/2017:

The FOMC Interest Rate Decision, Monetary Policy Statement and Economic Projections are all scheduled at 07:00 pm GMT. The FOMC Press Conference is scheduled at 07:30 pm GMT. The market participants expect an interest rate hike from 1.25% to 1.50%. However, the market will be more interested in the prospects for monetary policy for the future. Economists expect the Fed will remain optimistic with hopes for inflation acceleration and a favorable impact of fiscal policy, maintaining the forecast of three hikes in 2018. However, this may not be enough to overcome investors’ skepticism and give a strong boost to the USD.

Let’s now take a look at the EUR/USD technical picture at the H4 time frame. The key support zone is still the 61% Fibo support at 1.1706 and technical support at 1.1725. Any violation of this level would lead to a test of the next technical support at the level of 1.1622. On the other hand, the key technical resistance remains at the level of 1.1807. Please notice a growing bearish divergence between the price and the momentum indicator.

Exchange Rates 13.12.2017 analysis

Market Snapshot: Gold breaks even lower

The price of Gold has broken below the level of $1,243 and made a new local low just above the technical support at the level of $1,235. The price is clearly diverging from the diminishing momentum and the market conditions are oversold, so the bounce towards the level of $1,251 is expected next.

Exchange Rates 13.12.2017 analysis

Market Snapshot: DXY locked in consolidation zone

The price of US Dollar Index (DXY) remains locked in a consolidation zone between the levels of 93.89 – 94.26 as it awaits the Fed interest rate decision. The price is diverging from the momentum indicator, so any breakout to the downside will result in a possible test of the technical support at the level of 93.51 or below.

Exchange Rates 13.12.2017 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2017

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