Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

All Eyes on Fed; Covering Short AUD/USD and GBP/USD Positions for Marginal Profit

As the short-term moment of truth for the US Dollar approaches, essentially all USD pairs look to be consolidating at the top of their respected ranges, indicating that EUR/USD, GBP/USD, and AUD/USD may all want to test their yearly highs of 1.4160, 1.6114, and 1.0024 either prior to or post Fed decision tomorrow. Whether these moves get follow thru or not remains to be seen.

As always, going flat and sitting on the sidelines prior to the meeting. Cover GBP/USD short for a 35 pip profit at 1.6020 and cover AUD/USD short for a 15 pip profit at .9985.  

By Sam Khorsand, Technical Strategist/Trader