Morning Insights 4th March

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.11715 with take profit at 1.12260.

Alternative scenario: Sell position is envisaged if price trades below 1.11289 with take profit at 1.10894.

Fundamentals:

ADP Non-Farm Employment Change 2:15 pm (USD)

ISM Non-Manufacturing PMI 4 pm (USD)

Comment: Recent rate cuts in the US and constant decline in US yields have sent both currencies and stocks bearish, hence, a bullish move is envisaged on EURUSD.




Instrument: GOLD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1649.35 with take profit at 1659.30.

Alternative scenario: Sell position is envisaged if price trades below 1625.25 with take profit at 1617.60.

Fundamentals:

ADP Non-Farm Employment Change 2:15 pm (USD)

ISM Non-Manufacturing PMI 4 pm (USD)

Comment: Gold has seen major investments due to its status as a safe haven instrument. The recent rate cut by the Fed Reserve Bank of the US and Australia is envisaged to further support the precious metal. 

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