Market Insights 9th January

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference:  Sell position is envisaged if price trades below 1.10960 with take profit at 1.10835

Alternative scenario: Buy position is envisaged if price trades above 1.11080  with take profit at 1.11196

Fundamentals:

No major economic data with direct bearing on the pair

Comment: The greenback is envisaged to be boosted by reports that China's Vice Premier Liu will be in Washington next week to sign the phase 1 of the trade agreement.


Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 65.79 with take profit at 66.29

Alternative scenario: Sell position is envisaged if price trades below 64.69  with take profit at 63.96

Fundamentals:

No major economic data with direct bearing on the commodity

Comment:  The commodity fell sharply after Washington refrained from further military hostilities with Iran. Black gold is approaching a key support level on major timeframes hence a retracement is expected.

Use your preferred trading platform

Register Now


Payment Options

What Clients Say?