Preference: Sell position is envisaged if price trades below 54.38 with take profit at 53.50
Alternative scenario: Buy position is envisaged if price trades above 54.60 with take profit at 55.20
No major economic data with direct bearing on the commodity
Comment: The commodity is envisaged to continue to trade bearish as the decline in China's oil demand following the coronavirus outbreak is dominating sentiments. OPEC and its allies could not offer enough support to the commodity at the technical committee meeting that held on Friday where Russia request for more time to decide on the proposed cut to the tune of 600,000 barrels per day.
Preference: Sell position is envisaged if price trades below 1.09506 with take profit at 1.09427
Alternative scenario: Buy position is envisaged if price trades above 1.09568 with take profit at 1.09639
No major economic data with direct bearing on the pair
Comment: The Greenback remains robust after the release of Non-Farm Payrolls data on Friday where it was stated that 225,000 jobs were created well above economists forecast of 160,000 although unemployment rate, as well as average hourly earnings, narrowly missed expectations. The pair is envisaged to continue on the bearish note today owing to the current weakness in the common currency.
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