Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.08177 with take profit at 1.07989
Alternative scenario: Buy position is envisaged if price trades above 1.08240 with take profit at 1.08323
Unemployment Rate (US) 1:30 PM
Average Hourly Earnings m/m (US) 1:30 Pm
Non-Farm Employment Change (US) 1:30 PM
Comment: The US Dollar traded lower temporarily yesterday as Unemployment Claims were at a high of 6.6M but has regained all lost ground and is envisaged to continue gaining more strength against the common currency pending the release of the job data later today.
Intraday: Bullish
Preference: Buy position is envisaged If prices trades above 31.13 take profit at 31.92
Alternative scenario: Sell position is envisaged if price trades below 29.49 take profit at 28.88
Baker Hughes Rig Count data (US) 6 pm
Comment: Oil prices recovered yesterday and that was a result of a bizarre tweet from Donald Trump stating he had an agreement in place with the Saudi and Russian Government in respect to implementing production cuts of up to 10million barrels, this news has neither been confirmed nor rebutted by the Saudis and Russians and the market is basking in bullish sentiments given how poorly Oil prices have been.
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