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July 26, 2022

Best Pairs To Trade Before FOMC

Frank Cabibi

Tomorrow, the FOMC outlook will give investors a gauge on what could come next for the US economy and USD. This news will be followed up with the new interest rate which is expected to go up by another 75 basis points. Here are the best pairs to trade before we get the news.

EUR/USD

best pairs

EURUSD caught support as price fell to the downside and touched a lower low on the 1H timeframe. There is a chance for upside, but the rally has not been very promising or strong in a sustainable way. If price does see more of a rally, it could touch 1.02700s before retracing. However, it looks like price wants to continue to the downside after breaking under support in the 1.01300s.

Gold

best pairs

Gold struggles to get out of the support zone as long setups have only been working for quick and volatile moves upward before retracing back to new lows. Price still has support around the $1670s but could also come up to test the falling trend line on the 1D timeframe or resistance in the $1780s. An interest hike could take the metal lower, so price may come down to the second price target.

USD/JPY

best pairs

USDJPY hit a key support level on a rising trend line on the 4H timeframe. Price bounced from that level and has formed higher lows from there. Should price continue to steadily climb, there is resistance above at 137.500 and close to 139.

SPX500

best pairs

Stocks retrace on big tech earnings anticipation and even the recession-proof stocks like Walmart on a cut in profit outlook. Some support lies about 10 points below current price and cleaner support sits below that around $3744. Signs of the bear market rally being over might have started, and we may return to the lows of $3640 or lower.

AUD/USD

best pairs

AUDUSD could be trying to go higher towards resistance around 0.70455 on the 1D timeframe. Price could also retrace from the current resistance level on the falling trend line with support below at 0.68301 and a previous bottom at 0.66821.

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