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  4. US Dollar Gains 200+ Pips after Rate Hike to 0.75% 2016.12.15

US Dollar Gains 200+ Pips after Rate Hike to 0.75% 2016.12.15

Prosinac 15, 2016 05:00

EUR/USD

4 hour

Yesterday the central bank of the U.S. (Fed) decided to increase its interest rate by a quarter percent from 0.5% to 0.75%. The rate hike had a positive impact on the US Dollar (USD), which saw gains across the board against the EUR, GBP and JPY. The EUR/USD broke the support trend line (dotted blue) and fell below the 1.05 support level (dotted green). Price will however still need to break below the previous low at +/-1.0450. A bearish break is needed before a wave 3 (brown) has the potential to be confirmed and develop beyond the 100% level.

1 hour

The EUR/USD completed the ABC zigzag (purple) and most likely finished wave 2 (brown), although it does depend on how price reacts at the last support level (green). A strong bullish bounce could indicate that a correction is still ongoing.

GBP/USD

4 hour

The GBP/USD also responded with bearish price action in response to the rate hike in the US. The Cable respected the resistance trend line (red) and showed a bearish turn. Price broke below one support trend line (dotted green) but still needs to break below the next support trend line (green) before a larger wave 3 (blue) within wave 5 is possible.

1 hour

The GBP/USD seems to be in a wave 3 (orange) impulse and could head towards lower Fib targets. Once wave 3 is completed, it should build a shallow wave 4 correction and then continue with a wave 5 within wave 3 (blue).

USD/JPY

4 hour

The USD/JPY also continued with its uptrend once the rate hike was announced. Price broke above the resistance (dotted red) of the bearish retracement and showed again strong bullish momentum as part of the wave 5 (brown/blue) of wave 3 (purple).

1 hour

The USD/JPY price action is showing strong bullish momentum after the bullish breakout. Wave 3 (orange) could potentially still push towards the Fibonacci targets but eventually price should develop a shallow wave 4 pullback and then see a wave 5 continuation.

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