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U.S. FOMC to announce interest rate decision today



Markets are on pause as the U.S. Federal Reserve is set to deliver its interest rate decision later today at 20:00 SAST which is widely expected to remain unchanged.

What market participants will be looking at is the Fed chair Powell statements at the FOMC press conference scheduled for 30 min after the rate announcement. Investors might look for signs that the path to recovery is moving faster towards normalization than previously indicated. The lagging labour market might put a damper on policy tightening while Treasury Yield could get attention.

Global markets are lower this Wednesday morning ahead of the FOMC interest rate decision with the Shanghai Composite index down 0.4%, and the Hang Seng lower by 0.2%. U.S Futures are also pointing lower with Gold gaining some favour on higher inflation expectations.

Here is what’s expected this week:



The Wall Street 30 Technical Analysis


The price action on the WS30 has pushed through the 32082 resistance which was the upper range level as discussed in last weeks Wall Street 30 note. The 32082 level has now become the support level of interest to watch for a possible throw back before price pushed higher.

With market volatility expected later today we might see a push straight out of the gate towards our new target price of 33765 on the WS30.

  • The new levels of interest are the 32082 support, 33016 resistance and our long-term target price at the 33765 level.
  • The 50-day SMA (blue line) is pointing higher which supports the higher move and could also come into play as support on the 4H chart.
  • The Relative Strength Index (RSI) is above the 50 mark and at overbought levels which also supports higher prices now.


Wall Street 30H4[7]

Chart Source: Wall Street 4H Timeframe  - GT247 MT5 Trading Platform


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Trading term of the day


A throwback, in technical analysis, is when the price retraces toward the breakout point after moving through a resistance level. A resistance level is where the price has stalled or had trouble moving through in the past. When the price moves through that level it is called a breakout. Not all breakouts are followed by a throwback, but some are. A throwback is a move back toward the prior resistance level. A false breakout is when the throwback continues below the breakout/resistance level. – Investopedia


Take note: The outlook and levels might change as this outlook is released during the current days (Wednesday the 17th of March 2021) U.S Market open and FED Interest rate decision.

Sources – MetaTrader5, Reuters, Investopedia




Barry Dumas - Round-1

Barry Dumas | Market Analyst at GT247.com

Barry has 12 years experience in the financial markets. He enjoys educating clients on trading / investing and providing punchy technical analysis on securities. He currently holds a Wealth Management qualification and is studying towards becoming a Chartered Market Technician® (CMT) designation holder.



Any opinions, news, research, reports, analyses, prices, or other information contained within this research is provided by Barry Dumas, Market Analyst at GT247 (Pty) Ltd t/a GT247.com (“GT247.com”) as general market commentary, and does not constitute investment advice for the purposes of the Financial Advisory and Intermediary Services Act, 2002. GT247.com does not warrant the correctness, accuracy, timeliness, reliability or completeness of any information which we receive from third party data providers. You must rely solely upon your own judgment in all aspects of your trading decisions and all trades are made at your own risk. GT247.com and any of its employees will not accept any liability for any direct or indirect loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on the market commentary. The content contained within is subject to change at any time without notice.