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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Oct 29, 2013 11:00:00 PM

A predictably quiet session as the US Dollar consolidates ahead of the main event for the week, the results of the FOMC meeting, which are due out a bit later in the US session. There's little chance of the Fed surprising markets, which have already begun pricing in a delay to the tapering process, but the odds aren't zero and the risk is of a surprise to the upside. Statements that hint at tapering commencing at any time and that they will be independent of economic data will likely give the US Dollar bears cause for pause. Given that he is due to step down shortly, Bernanke will surely want to maintain some semblance of continuity for future policy so as to not completely undermine FED credibility and cause the type of market panic that no one, especially his successor, wants. Either way, expect volatility.

Ranges: {charts: WWM's New ALPHA Trader - day}(click to enlarge)
102913

 

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