Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 28.00 with take profit at 27.50
Alternative scenario: Buy position is envisaged if price trades above 28.75 with take profit 29.22
Baker Hughes Rig Count (US) 6 pm
Comment: Oil has dropped in recent weeks but a recovery from this current slump is not evident given that Brent crude rose modestly while U.S. futures ended unchanged at an 18-year-low after even though OPEC lowered its global oil demand forecast and also given that most countries are still recording poor revenue including Russia. The resurgence of Oil is tied to demand and demand can only be rational after lockdown measures are reduced till then the price of the commodity is expected to slump.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.08480 with take profit at 1.08433
Alternative scenario: Buy position is envisaged if price trades above 1.08570 with take profit at 1.08630
IMF Meetings All-day
Comment: The greenback is currently basking in sentiments given that they have started disbursement of the stimulus funds to citizens amid the pandemic while the Eurozone has effected new lockdown extensions which has almost crippled the Eurozone for now.
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