On Tuesday, the price moved down in the side channel. Today, up to the news (14.00 Universal time), an upward movement is expected. Strong calendar news is expected at 14.00, 14.30 and 18.00 Universal time (dollar). At 14.00 UTC+00, the market is waiting for the speech of the head of the Federal Reserve System (FRS) of the USA, which can clarify the prospects of monetary policy in the country.
Trend analysis (Fig. 1).
On Wednesday, before 14.00 Universal time, there will be an upward movement with the first target of 1.1226 - a pullback level of 14.6% (yellow dashed line)
Fig. 1 (daily schedule).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - strong up;
- trend analysis - down;
- Bollinger lines - down;
- weekly schedule - down.
General conclusion:
On Wednesday, before 14.00 Universal time, there will be an upward movement with the first target of 1.1226 - a pullback level of 14.6% (yellow dashed line)
The market is waiting for the speech of Fed Chairman Jerome Powell before the US Congress, which will be held at 2.00 pm Universal time. Investors hope to get more information on regulator plans.
The material has been provided by InstaForex Company - www.instaforex.com