Preference: Buy position is envisaged if price trades above 59.15 with take profit at 60.13.
Alternative scenario: Sell position is envisaged if price trades below 59.15 with take profit at 58.96.
Crude Oil Inventories (USD) 4: 30 PM
Comment: Black gold gained traction later in the session yesterday after the American Petroleum Institute (API) reported that stockpiles of U.S. crude fell sharply last week but Oil failed to go above a key resistance level at 59.6. It has found support on the 50 EMA and is expected to be bullish from this point pending the release of inventory data later today.
Preference: Sell position is envisaged if price trades below 1.10018 with take profit at 1.09973.
Alternative scenario: Buy position is envisaged if price trades above 1.10068 with take profit at 1.10140.
FOMC Statement (USD) 8 pm
Federal Funds Rate (USD) 8 PM
FOMC Press Conference (USD) 8:30 PM
Comment: Optimism generated from the speech of President Xi Jinping on Tuesday that China was sure of defeating the "devil" coronavirus has sharpened risk appetite of investors and is envisaged to aid the strength of the greenback ahead of the first FOMC meeting for this year.
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