Morning Insights 28th February

Simon Alagbe

Analyst

Instrument: GOLD

Intraday: Bullish

Technical Analysis

Preference:   Buy position is envisaged if price trades above 1636.92 with take profit at 1643.38.

Alternative scenario:  Sell position is envisaged if price trades below 1622.45 with take profit at 1613.04.

Fundamentals:

No major economic data with direct bearing on the commodity 

Comment: Gold has been quite sensitive to the news surrounding the spread of the coronavirus. It is envisaged to push up during the course of today given that it is considered a safe haven.






Instrument: NZDUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 0.62271 with take profit at 0.62045.

Alternative scenario: Buy position is envisaged if price trades above 0.62427 with take profit at 0.63404.

Fundamentals:

No major economic data with direct bearing on the currency 

Comment: The buck has been on a free-fall after it was reported that the coronavirus is in the US and the NHS and CDC don't have sufficient measures put in place to contain the virus. Investors have been on a panic sell of the dollar and US securities. Meanwhile, the sell-off on the dollar has given the kiwi strength. The data coming out from the US would have minimal effect on the instrument.

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