Despite yesterday's rate hike, the Dollar still faces resistance from Trumponomics. The Dollar has been battling resistance since his incision due to his fiscal policies and expectation on a weaker dollar to compete in trade on the global market. On the flipside, the Fed has stressed in its meeting that a continous rate hike is on the board in addition to a "strategic plan" to dilute it's massive 3.4 Trillion dollar balance sheet. Yellen is expected to finish her term in Febuary so we may see the tug of war continue until then.
I'm currently eyeballing 111.25 levels of resistance until this weekend. Depending the dollar's reaction at this level, I'm will wait for a confirming candle to signal that the bears are still in control. Either way, we should have some volatility in the coming months leading into the New Year.
Let's see how the dice roll..
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