On the Wednesday FOMC meeting minutes the Federal Reserve Bank has confirmed that there will be no expected rate hike this year until mid 2020 which has taken a blow to many dollar based currency pairs also causing a very huge sell off on the dollar index. The market was expecting a possible rate hike which has been denied by the Federal Reserve Bank.
We will be expecting very less confidence on the dollar buys this year due to low confidence in investing on the dollar in which cause a long term sell on the dollar index.
On the setup shown we have a very good long term sell setup on the dollar index which also support the Fed Decision to keep interest rates the same through 2019 and to promise only a single increase in 2020 which has caused most investor to sell the dollar and this will also cause more selling in the index.
We will be expecting very less confidence on the dollar buys this year due to low confidence in investing on the dollar in which cause a long term sell on the dollar index.
On the setup shown we have a very good long term sell setup on the dollar index which also support the Fed Decision to keep interest rates the same through 2019 and to promise only a single increase in 2020 which has caused most investor to sell the dollar and this will also cause more selling in the index.
NB: Dollar weakness will cause a sell on Dollar Base (USDXXX) and a buy Dollar Qoute (XXXUSD) pairs
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