Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.10589 with take profit at 1.10392
Alternative scenario: Buy position is envisaged if price trades above 1.10888 with take profit at 1.11172.
No major economic data with direct bearing on the pair.
Comment: The currency pair is currently trading around a support region but the presence of a bearish engulfing candle on the hourly chart favours the bears.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 26.11 with take profit at 25.89.
Alternative scenario: Buy position is envisaged if price trades above 26.36 with take profit at 26.93
No major economic data with a direct bearing on this commodity
Comment: Black gold gaped down on opening for this week confirming the strong bearish trend in the market. The current supply glut driven by the power play between Russia and Saudi Arabia as well as low demand due to the economic lock-down as a result of COVID-19 is expected to weigh on the commodity.
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