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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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Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.

“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.

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