Morning Insights 16th April

Simon Alagbe

Analyst

Instrument: USDJPY

Intraday: Bearish

Technical Analysis

Preference: A Sell position is envisaged  if price trades below 107.706 with take profit at 107.680

Alternative scenario: A Buy position is envisaged if price trades above 107.815 with take profit at 107.990

Fundamentals:

Unemployment Claims (US) 1:30 pm

Comment: Investors have been weary of the dollar and have been embracing the Japanese yen. The slight decline in the recently released Retail Sales data did not help the course of the greenback. Hence,  it is envisaged that this pair will trade bearish.



Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: A Buy position is envisaged if price trades above 1.08956 with take profit at 1.09047

Alternative scenario: A Sell position is envisaged if  price trades below 1.08783 with take profit at 1.08650

Fundamentals:

USD Unemployment Claims 1:30 pm

Comment: The dollar gains from yesterday quickly went sour today as data showed US retail sales declining. Technically, this pair has been trading bullish and respecting an upward trend line, it is envisaged to keep on moving bullish given the adverse effect the COVID 19 has caused in the US. 

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