{"id":155631,"date":"2019-09-18T07:35:25","date_gmt":"2019-09-18T11:35:25","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=155631"},"modified":"2019-09-18T07:13:52","modified_gmt":"2019-09-18T11:13:52","slug":"usd-holds-steady-ahead-of-fed-meeting","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/09\/usd-holds-steady-ahead-of-fed-meeting\/","title":{"rendered":"USD Holds Steady Ahead Of Fed Meeting"},"content":{"rendered":"
September 18, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

The US dollar posted strong gains on Tuesday as the two-day FOMC meeting got underway. The Fed will be announcing its rate plan decision and releasing the economic projections. Oil prices were also seen recovering from the recent surge. This came as Saudi officials announced plans that oil production would be back on track earlier than anticipated.<\/p>\n

Euro Gains After ZEW Data<\/strong><\/h2>\n

EURUSD was seen rising strongly on the day. These gains came after the ZEW economic sentiment improved to -22.5. The data came better than expected.\u00a0The Eurozone ZEW economic sentiment<\/a>\u00a0was also seen coming up better than the median expectations. The common currency gained despite the US dollar rising higher on the day.<\/p>\n

EURUSD Clears Resistance Level, More Gains Ahead?<\/strong><\/h3>\n

EURUSD was seen rising above 1.1030 resistance level. The gains came following the currency pair finding dynamic support off the trend line. However, price action will have to clear the near-term top formed at 1.1091. A close above this level will see further gains to the main resistance level of 1.1140.<\/p>\n

\"EURUSD\"<\/a><\/p>\n

Sterling Gains Despite No Brexit Breakthrough<\/strong><\/h2>\n

The pound sterling was seen posting gains, regaining the lost bullish momentum. The gains in the currency came despite the EU officials noting that there was no major breakthrough with the UK on Brexit. This comes as UK officials laid out new plans to avoid the Irish backstop arrangement.<\/p>\n

GBPUSD on Track to Test Resistance<\/strong><\/h3>\n

The GBPUSD currency pair managed to post strong gains on the day. The reversal comes as price formed a higher low. The upside gains will see price action testing the resistance level of 1.2511\u20131.2533. However, we expect to see a possible reversal on the initial test of this level.<\/p>

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\"GBPUSD\"<\/a><\/p>\n

Gold Prices Remain Flat<\/strong><\/h2>\n

The precious metal continued to trade flat ahead of the Fed meeting today. The market risk sentiment was also rather mixed. But this sideways range could be breached following the outcome of today\u2019s Fed meeting. The bias remains to the upside at the moment.<\/p>\n

Will XAUUSD Breakout Higher<\/strong><\/h3>\n

Gold prices are currently holding the sideways range of 1508\u20131485 for the moment. However,\u00a0we expect a potential breakout to the upside.<\/a>\u00a0This could form a possible lower high to the longer-term trend. Alternately, a downside breakout will result in XAUUSD continuing the longer-term correction. The lower support is at 1431\u20131428 level.<\/p>\n

\"Gold\"<\/a><\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The US dollar posted strong gains on Tuesday as the two-day FOMC meeting got underway. The Fed will be announcing its rate plan decision and releasing the economic projections. Oil prices were also seen recovering from the recent surge. This came as Saudi officials announced plans that oil production would be back on […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-155631","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/155631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=155631"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/155631\/revisions"}],"predecessor-version":[{"id":155637,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/155631\/revisions\/155637"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=155631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=155631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=155631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}