Day 426: Direction in dollar

Profit: $6.05 Total: $1,060.07

The FOMC was a surprising event last night; no rate hike but a possibility is still on the table. September hike is off the table and it looks like December is the best bet. Yellen initially pushed the dollar down but investors soon faded the move by longing the dollar at support.

I scalped long dollar by fading the pound rally after the FOMC. Although there is no rate hike for September, I feel like investors still have optimistic views on the December rate hike. I think the dollar will continue it’s rally and I plan to fade the moves on EUR/USD and GBP/USD.

 

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