Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 0.64822 with TP at 0.65189.
Alternative scenario: Sell position is envisaged if price trades below 0.64455 TP at 0.64203.
CB Consumer Confidence (USD) 3:00pm
Comment: Technically, on the H1 time frame we have seen that the pair has been making higher highs, we expect the instrument to break the current resistance it is on and settle higher. Looking fundamentally the consumer confidence can further dampen the dollar woes if the report comes out negative, but a buy is advisable pending the release of the data.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 22.05 with TP at 20.26
Alternative scenario: Buy position is envisaged if price trades above 23.60 TP at 25.09.
No major economic data expected today
Comment: Oil has seen a steady decline in price as investors, look forward to the anticipated crude oil inventories coming out on Wednesday, though the crude oil inventories show crude oil stockpiles in the U.S, a significant decline in these stockpiles would boost the price of oil going forward and vice versa. For today what keeps investors and producers up at night is the where to store this oil, because there are no storage spaces left to store the oil at this rate producers are producing.
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