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Caution market ahead of FED meeting!

Today, FOMC will start its two-day meeting. Tomorrow it will end by announcing the interest rate, monetary policy, and finally, the press conference of Mr. Powell, right after the meeting. Yesterday, published data from China, despite industrial production growth, was not good as market participants expected it. In the US season, the Canadian Housing start and NY Empire State Manufacturing Index were much better than expectations and boosted the CAD and USD. Today's economic calendar is too busy French and Italian CPI and then German, and a market participant will follow EZ, ZEW Current Conditions for March. US calendar is much busier with Retail sales, Industrial production, Export price, and business inventories. About the US economy, what we are expecting to see in data and tomorrow's FOMC statement, is to see the U.S. economy will grow in 2021 by the fastest rate in decades. This must keep supporting the Stocks, as well as Energy markets.

Intraday Trading:

SP500: S&P 500 is trading above PP at 3952, while the R1 sits at 3983. Caution trading ahead of FOMC meeting usually holding back the investors to open a new position, which caused the market volume to be softer than price action. Simultaneously, the chart shows new HH, OBV printing LH, signaling a possible correction. Breaching lower than PP at 3952 will put the S1 at 3930 in radars.

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BTCH: Bitcoin trading under PP at $57,400 and earlier today could breach the S1 at $54,000. After a short correction, it is still trading under the main MA lines. RSI under 50, and the OBV trend line is lowering. Trading under PP after easing the reflection trading in the market will provide less support to market Bulls.

AUDUSD: The lower price of Gold, while the USD index is growing, will put the Aussie under pressure. From the technical side, the EMA crossing strategy started a negative signal. Stochastic main line crossing the signal line lower and CCI moves under -200 level. S1 at 0.7712 is the daily target, and under this level, S2 at 0.7675 will be on the radar.

USDTRY: Pairing is back above main MA lines. PP at 7.54 is a key level at the moment, and breathing above this level, will open the doors for 7.65 and 7.70. The market is not pricing so much on a higher Repo rate at the Turkish central bank meeting on Friday, while the USD is rising and getting support with higher Bond Yields.

Source: https://tradeproskills.com

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