Morning Insights 23rd January

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference:  Buy position is envisaged if price trades above 1.10917 with take profit at 1.11050.

Alternative scenario: Sell position is envisaged if price trades below 1.10782 with take profit at 1.10645.

Fundamentals:

Main Refinancing Rate (EUR) 1:45pm

Monetary Policy Statement (EUR) 1:45pm

ECB Press Conference (EUR) 2:30pm

Comment: This pair is currently trading on verified support which is expected to push the price a little bit higher today. The euro also expects rate change today, hence, bullish opportunities should be looked out for in the market today.



Instrument: GOLD

Intraday: Bearish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1557.73with take profit at 1560.00.

Alternative scenario: Sell position is envisaged if price trades below 1554.99 with take profit at 1553.64.

Fundamentals:

No major economic data with direct bearing on the commodity

Comment: Gold is currently being seen as a safe haven, given the global market uncertainties caused by the outbreak of the coronavirus. china and counties surrounding it have stopped exports and other economic activities which have slowed down a lot of things, hence, investors are hopping on Gold.

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