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Unconventional ways to play the Fed decision

Unconventional Fed plays

As the Street prepares for big potential moves in stocks and bonds on the Fed's policy announcement, some traders are recommending a look into the lesser-watched corners of the market.

According to Boris Schlossberg of BK Asset Management, one area to watch is commodity-focused currencies, such as the Australian dollar and the New Zealand dollar.

If the Fed delays a rate hike, Schlossberg said, these currencies could see a boost after being "grossly oversold."

The Australian dollar and New Zealand dollar have fallen against the U.S. dollar 12 percent and 18 percent this year, respectively. The U.S. dollar has risen about 6 percent year to date.

"[There's] a chance for a bounce here and a little bit of a fundamental move to the upside could really happen," Schlossberg said Wednesday.

Read More When the Fed raises rates, here's what happens

He said the difference in interest rates between the U.S. dollar and commodity currencies could also prompt a move into carry trades, which involve selling a currency with a low interest rate and buying a currency with a high interest rate to profit off the difference.

"[Commodity currencies] still have some yield, and the carry trade at least for the short term is going to look attractive to speculators," he said Wednesday on CNBC's "Trading Nation."

Another market that stands to gain from prolonged low interest rates is high-yield bonds, especially beaten-down bonds in the energy sector, Schlossberg said. The high-yield bond ETF HYG has fallen 4 percent year to date.

"If the Fed does not hike, it provides a little bit more of a reprieve as far as capital preservation for those companies," he said.

Read MoreThese 8 stocks could be in big trouble if rates rise

Technical analyst Rich Ross of Evercore ISI also suggested a play on energy, specifically in an oil bounce. Although crude is still in a long-term downward trend, Ross says oil's move above its 50-day moving average on Wednesday is a bullish sign.

"I think if those commodity currencies firm, the dollar eases and commodities like crude oil should firm as well," Ross said Wednesday. "I think crude is a great play, energy a nice derivative on the stock side."

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