The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
On Wednesday, investors' attention was on the results of the Federal Reserve meeting, where the regulator predictably kept the refinancing rate at 5.5%. However, Fed Chairman Jerome Powell clearly indicated a soon-to-come softening of the rhetoric on monetary policy, leading to the sell-off of dollar positions and the rise of U.S. indices.
Key points from Fed Chair Powell's speech:
EUR/USD strengthened by 1%, leading to a significant increase in long positions. As a result, the quote jumped above the 1.0900 level, indicating the recovery of the euro's value relative to the correction phase.
Amid widespread selling of dollar positions, GBP/USD experienced rapid growth. The level of 1.2500 serves as support, around which there was an increase in long positions.
Today, investors' attention will be on two consecutive central bank meetings, the results of which will undoubtedly lead to market speculation.
The first to report is the Bank of England, where the refinancing rate of 5.25% will remain unchanged. Investors are interested in the distribution of votes regarding rate cuts, hikes, and maintenance.
The European Central Bank (ECB) report will follow, where rates will also remain unchanged. In this case, special attention will given to the speech of ECB President Christine Lagarde, whose words will indicate the regulator's subsequent monetary policy.
The stabilization of the price above the 1.0900 level allows for subsequent growth towards 1.1000. However, a slowdown in pace is possible due to the technical signal of overbought euro rates in the short term.
In the case of further growth, a price move towards the resistance level of 1.2700 is allowed, with a complete recovery of the British currency's value relative to the recent corrective movement. It is worth noting that a sharp change in price over a short period may lead to a local overbought status in short-term timeframes.
What's on the charts
The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.
Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.
Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.
The up/down arrows are landmarks of the possible price direction in the future.
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