The soft dollar trade; Gold trading higher

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Steven Woodcock – senior analyst at PlutusFX – joined Zak Mir and Charlie Gibson in the Tip TV studio how currencies have responded following the FOMC meeting.

USD/JPY could still be set to face more upside. Woodcock believes the dollar will resume its uptrend following this consolidation period, and could hit 140.

EUR/USD has found good support at 112.20, and this relief rally could see it trade up to 120. Woodcock believes that the Euro has a steady firm base, and is trading in a controlled manner towards 117.50-118.60.

Gold could have a base at 1100, according to woodcock, and suggested buying with a top loss just below that level. It’s a bit heavy in the current uptrend, but any bad news for currencies could see it back up $100 in no time.

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