20 November 2019

FOMC Meeting Minutes: Wednesday, 19:00. The Federal Reserve releases its minutes from its meeting in late October. In that decision, the Fed cut rates but signaled a pause – at least for now. Jerome Powell, Chair of the Federal Reserve, later indicated that the bar for raising rates is higher than for cutting them, weighing on the dollar. The minutes will provide a closer look at the tendency among central bankers – and help markets assess the next moves in 2020. The Fed’s thoughts on trade relations, inflation, and employment are of interest.

USD
FOMC Meeting Minutes

EURUSD

As could be seen on the chart above that the pair is traded below a downtrend line shown on the chart in red. In case the pair reaches this level and shows up some bearish evidence, we can go short targeting the level of 1.0999 during the week. On the other hand, breaching the downtrend line to the upside, can open the door for further upward movements that it might reach the level of 1.13 followed by 1.14.

Resistance levels:	Support levels:	Recommended:
▪ 1.1500 ▪ 1.1400 ▪ 1.1300	▪ 1.0999 ▪ 1.0900 ▪ 1.0850	We are bearish as long as the pair is traded below the downtrend line.

GBPUSD

As could be seen on the chart above that the pair is traded below a strong resistance level that is 1.3010. Therefore, we are bearish as long as the pair is traded below it. Our first target is 1.2780. On the other hand, breaching the level of 1.3010 to the upside, can open the door for further upward movement that it might reach the level of 1.3240.

Resistance levels:	Support levels:	Recommended:
▪ 1.3240 ▪ 1.3100 ▪ 1.3010	▪ 1.2780 ▪ 1.2700 ▪ 1.2660	We are bearish as long as the pair is traded below the level of 1.3010.

GOLD

The chart above shows that the pair is traded within a bearish channel. We also find that the pair is traded below a strong resistance level that is 1478. Therefore, our overview is bearish as long as the pair is traded below the level of 1478. Our first target is 1454. On the other hand, if the level of 1478 is broken, this opens the door for further upward movement that it might reach the level of 1490.

Resistance levels:	Support levels:	Recommended:
▪ 1490 ▪ 1478	▪ 1454 ▪ 1450 ▪ 1430	We are bearish as long as the pair is traded below the level of 1478.

AUDUSD

The pair is traded below a strong resistance level that is the downtrend line. Therefore, we are bearish as long as the pair is traded below it. Our first target is 0.6700.

Resistance levels:	Support levels:	Recommended:
▪ 0.7550 ▪ 0.7600 ▪ 0.7000	▪ 0.6700 ▪ 0.6600 ▪ –	We are bearish as long as the pair is traded below the downtrend line.

GBPJPY

The chart above shows that the pair is traded below a strong resistance level which meets the (PRZ) of the Harmonic pattern shown on the chart above. Therefore, we are bearish as long as the pair is traded below the level of 141.50. Our first target is 138.95.

Resistance levels:	Support levels:	Recommended:
▪ 142.30 ▪ 142 ▪ 141.50	▪ 138.95 ▪ 138 ▪ 137	Follow the scenarios

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