Morning Insights 13th February

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference:  Buy position is envisaged if price trades above 1.08832 with take profit at 1.09002.

Alternative scenario:  Sell position is envisaged if price trades below 1.08626 with take profit at 1.08542

Fundamentals:

CPI m/m 2:30pm (USD)

Core CPI m/m 2:30pm (USD)

Comment: EURUSD closed at a strong support level yesterday and is seen to be trading upwards to show the strength of that support level. This instrument is envisaged to bounce off from that level today.



Instrument: GOLD

Intraday: Bearish

Technical Analysis

Preference:  Sell position is envisaged if price trades below 1572.24 with take profit at 1569.31.

Alternative scenario: Buy position is envisaged if price trades above 1576.82 with take profit at 1579.10.

Fundamentals:

CPI m/m 2:30pm (USD)

Core CPI m/m 2:30pm (USD)

Comment: Gold pushed up after it was reported that there was a sharp increase in deaths and cases in Hubei province. However, the impact of the report could not push it past the current resistance level. Gold is envisaged to get rejected at that level and trade bearish from that point. 

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