Federal Reserve Chair Talks Inflation, Gold Bounces…

Comments from the Federal Reserve Chair, Janet Yellen, indicating expectations of higher inflation caused equities and gold prices to bounce today. Despite inflation expectations comments and a bounce in gold, the U.S. dollar traded relatively flat.

The EUR/USD traded relatively flat today and we are watching for price to continue lower in our favor. The pair is drifting slightly lower after a flat day and is moving slightly down to start the Thursday trading day.

The full version of this article appears in the ShadowTraderPro FX Trader newsletter which is a currency-only service designed for foreign exchange traders, overseen by ShadowTrader’s Senior Currency Strategist, Blake Young.

The newsletter stands alone as either a purely informational vehicle for those who like to find and trade their own FX setups, or a daily resource for trade ideas. Each day’s edition includes a technical workup on specific currency pair setups, full market commentary on major pairs, a heads up on worldwide economic data, along with a selection of the most relevant daily news items that have effect on the currency markets. The newsletter is sent out at night assuring that users have ample time to digest the information regardless of how early they get up!

Currency trade ideas are listed in the report as FX Trader Live Calls with defined trigger points, targets, and stops. If a currency pair trades through an entry, stop, or target price listed in the newsletter, ShadowTrader will post confirmation on MyTrade that the trade is “live” and ShadowTraderPro FX Trader then manages these trades with updates in the nightly newsletter and via subsequent posts to MyTrade as well. As the FOREX markets are open around the clock, trade confirmations that happen outside of normal business hours are posted the following morning. FX Trader Live Calls are based on a wide range of technical indicators, with an emphasis on Fibonacci retracements, trendlines, and support & resistance. These trades are added to the FX Trader Portfolio which is updated nightly and included in each day’s edition.