Home Featured The Midweek update 03 May 2023

The Midweek update 03 May 2023


Dollar bears take control midweek as FED interest rate decision looms.


The Greenback has been slipping since the beginning of this week, having reached its highest level for three consecutive weeks. This selling pressure is attributed to mixed US data. JOLTS Job Openings for March came in slightly below expectations at 9.59M, compared with a previous reading 9.74M. Additionally, the lack of significant bullish momentum on the Dollar can be linked to the pre-FED caution ahead of today’s key FOMC meeting where a solid 0.25% increase in interest rates is pretty much nailed on. What traders are looking for is clear direction on risk sentiment from the announcements of the policy meetings and banking headlines.Technical Analysis (D1)

Current Price action, in terms of market structure has formed a possible reversal pattern as a descending channels. Pattern which was partially validated by an impulsive structure break moved upwards as bulls gained control of the narrative prior to the subsequent corrective wave. The price may remain bullish in the future if buyers are able to defend the potential descending pattern continuation that is…

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