<strong><span style="font-size: 14pt;">THE DAILY FX POST</span>
<span style="font-size: 14pt;"> from</span>
<span style="font-size: 14pt;"> THE PREMIUM SERVICE</span>

</strong>

<strong>DATE: Tuesday 16th September 2014
REF: #89</strong>

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<ol>
	<li><strong> OVERVIEW – INITIAL THOUGHTS:</strong></li>
</ol>
I think that it would be safe to say that we are in the quiet before the storm. Tomorrow sees the FOMC data and Press Conference. That will be a market mover.

Today, the data that I am waiting for are the Dairy Auction Results that usually get published around 10.30 to 11.00 am EDT. This is a primary leader on the NZD currency.

I entered the USD/CAD long just prior to the Asian session commencing. A few hours ago I checked my three Major USD commodity trades AUD/USD, NZD/USD and the USD/CAD and all three were in great shape nice healthy profits. At the time of writing this article I am in a small loss position. Having written that the USD still looks strong and I am happy to hold these pairs.

Ahead of the FOMC we are basically range trading. As I look at the charts all the bearish or bullish moves seem to have come to a halt and now we are just trading sideways: -

EUR/USD:                  1.2860 to 1.2980
GBP/USD:                  1.6100 to 1.6220
AUD/USD:                 0.8990 to 0.9050
NZD/USD:                 0.8120 to 0.8220
USD/CHF:                  0.9300 to 0.9410
USD/CAD:                 1.1030 to 1.1070
USD/JPY:                   106.70 to 107.50

These are wide ranges for some pairs but I wouldn’t get too excited about trading new trades unless you can pick up a long at support and a sell trade at resistance. I think that these would be fairly safe trades today until tomorrow if you fell that you must trade. But you should be careful you could get caught mid range.

<strong> </strong>
<ol start="2">
	<li><strong> KEY NEWS EVENTS TODAY (BASED UPON (NYC) EDT TIME ZONE):</strong></li>
</ol>
CAD: - BOC Governor Poloz speaks
ALL: - Dairy Auction Results.<strong>

</strong>
<ol start="3">
	<li><strong> EXISTING LIVE TRADES:</strong></li>
</ol>
FT172
NZD/USD
Short
Entry at: 0.8180
Stop at: 0.8230
Limit at: 0.7800
Present Price: 0.8162
Current Profit / Loss Position: +18 pips

FT173
AUD/USD
Short
Entry at 0.9022
Stop Loss at 0.9110
Limit at 0.8500
Present Position: 0.9029
Current Profit / Loss Position: -7 pips

FT174
USD/CAD
Long
Entry at 1.1054
Stop Loss at 1.0950
Limit at 1.1250
Present Position: 1.1036
Current Profit / Loss Position: -18 pips

RT143
AUD/NZD
Long
Long at 1.1200
Stop at 1.0950
Limit at 1.1550
Present Price: 1.1063
Current Profit / Loss Position: -137 pips
(This trade is hedged at -125 pips)

FUN14
GBP/NZD
Long
Entry at: 1.9800
Stop at: 1.9000
Limit at: 2.2350
Present Price: 1.9823
Current Profit / Loss Position: +23 pips

<strong> </strong>
<ol start="4">
	<li><strong> LIMIT &amp; STOP ORDERS WITH BROKERS:</strong></li>
</ol>
No limit orders ahead of the FOMC.

<strong> </strong><strong> </strong>
<ol start="5">
	<li><strong> FINAL THOUGHTS:</strong></li>
</ol>
I am not expecting too much volatility ahead of the FED tomorrow. As usual ahead of a major news event I am expecting most currencies to head towards mid-range positions over the next 24 hours and the daily movements to calm down.

Just remember we are now simply range trading ahead of the FOMC. There is now little point entering new positions ahead of the FOMC.

<strong> </strong>
<ol start="6">
	<li><strong> DISCLAIMER:</strong></li>
</ol>
Trading Forex carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if necessary.

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Scott Pickering
The Pip Accumulator
<a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>
Twitter: @ThePremService
Email: premiumserice@weeklyfxdrivethru.com

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