Morning Insights 6th April

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.08111 with take profit at 1.07858

Alternative scenario: Buy position is envisaged if price trades above 1.08356 with take profit at 1.08728

Fundamentals:

No major economic data with direct bearing on the pair.

Comments: The pair had a slight retracement in the early session today but it is still envisaged to continue the bearish trend.


Instrument: GOLD

Intraday: Bullish

Technical Analysis

Preference:  Buy position is envisaged if price trades above 1618.88 with take profit at 1608.62

Alternative scenario: Sell position is envisaged if price trades below 1627.64 with take profit at 1636.83

Fundamentals:

No major economic data with direct bearing on the commodity.

Comments: The bullish momentum on the safe-haven commodity is high owing to the growing concern of COVID19 on the global economy.

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