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Sun, Jun 04, 2023

FOMC today – Gold at Resistance, USDJPY broken Triangle
2 mins well spent

Gold is moving in a downtrend by forming lower highs, lower lows in 4-hour chart.

Now the market is going to reach the top resistance of the down trend line.

Let’s wait for the confirmation of breakout or reversal.

Before 2 days, USDJPY stood at the top of the symmetrical triangle pattern.

USDJPY Symmetrical Triangle pattern break after 2 days

Today, USDJPY has broken the Symmetrical Triangle pattern after a long time.

However, Today we have FOMC, you should have to know what’s possible to happen.

Will FED Opt for yield curve?

federal reserve USA

All eyes much waited for FED policy on Ten-year US Dollar Yield rate to control for smooth decision. Technically, S&P 500 Futures profit booking progressing now, Nasdaq after hitting an all-time high, now starts to get sellers pressure.

US Dollar is under pressure due to FED policy on 10-year treasury yield curve control policy. EURUSD went up to 1.1380 and USDJPY keeps falling with bearish engulfing candlesticks in the daily chart.

There are no major changes in interest rate policy by FED. but FED plays an ultra-accommodative stance for stimulus package if necessary to control massive deficit spendings which keep lower interest rates on yield.

NOTE: Don’t trade the news for quick profits, you will lose more money in one news if you are not sure how to place a trade only after the confirmation.

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