Happy Sunday!
Here we are, at our mid-month FOMC OPEX week, all meanwhile the world seems like its falling apart (no literally). With Crude futures surging on Friday and Gold approaching new all time highs, we were bound for some late week action. The USD continues to decline as the market merely surged. We hit our upside targets just before reversing back to our 5934 area, barely breaching below. So, what kind of week can we expect with all the uncertainty concerning Israel and Iran?
One things for certain, we just have to be prepared to play both ends of the trade. Just as majority were fearful at 4800, here we are knowing we had great odds to get to 6041. Now that we’re essentially nested right in between our annual ranges, we still have relatively decent odds of sustaining but much of which will depend on our upcoming rate decision as well as breaking news catalysts.