Morning Insights 30th January

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference:  Buy position is envisaged if price trades above 1.10192 with take profit at 1.10380.

Alternative scenario: Sell position is envisaged if price trades below 1.10033 with take profit at 1.09834.

Fundamentals:

Advance GDP q/q  (USD) 2:30 pm

Comment: Technically, EURUSD is on strong support and it shows that the selling pressure has been weakened. It s expected of this pair to bounce off from this support soon. Furthermore, the global fear of the coronavirus spreading around the world has made investors wary, hence, making the dollar less attractive. A bullish move is envisaged today.


Instrument: GOLD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged with take profit at 1587.32.

Alternative scenario: Sell position is envisaged if price trades below 1578.57 with take profit at 1571.51.

Fundamentals:

Advance GDP q/q  (USD) 2:30 pm

Comment:  Giving the outbreak of the Coronavirus, investors have been wary of putting their money in risky assets, economic activities have slowed down, and everyone has seen gold as a safe-haven. Furthermore, as the fear of this virus spreading continues to linger, gold will continue to strengthen

Use your preferred trading platform

Register Now


l
Payment Options

What Clients Say?