Overnight forex price action following March ’16 FOMC

24 hours after, winners and losers

  1. USD strengthens early against CAD, weakens against all others.
  2. AUD weakens shortly after 1pm (GMT + 8).
  3. JPY u-turns sharply after 2pm.
  4. Apart from CAD and JPY, tight cluster.
  5. CADJPY short delivered best performance although all JPY-crosses short winners too.
Hourly chart with overlay of forex majors 24-hours after June 2016 FOMC

Hourly chart with overlay of forex majors 24-hours after June 2016 FOMC

What’s the point of looking at all these? This movement after could be a knee jerk or the starting point of a trend until the next FOMC statement on 27 July. For those interested, the post-March FOMC action here.

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Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005.   Soh's Twitter account @sohtionghum was ranked #23 out of The Top 70 Twitter Accounts To Follow In 2015 by MahiFX.   Disclaimer notice: "I do not have a financial advisor's license. I am not qualified by any regulator to give financial advice. I do not know you the reader. Your investment means and motive may be different from me. My posts here are based on observations and meant for education. I am not responsible for for any consequence from your actions."
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