Morning Insights 30th April

Simon Alagbe

Analyst

Instrument: USDCAD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.39042 with take profit at 1.39662

Alternative scenario: Sell position is envisaged  if price trades below 1.38583 with take profit at 1.38400

Fundamentals:

Unemployment Claims (USD) 1:30 pm

Comment: Technically, this pair got rejected when it tested a two week low and price momentum slowed down afterwards. Investors are still confident the U.S will gain more traction and given that demand for oil isn’t rising anytime soon, it is envisaged that CAD weakens in the long run.



Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if  price trades below 1.08551 with take profit at 1.08184

Alternative scenario: Buy position is envisaged if price trades above 1.08777 with take profit at 1.08911

Fundamentals:

Main Refinancing Rate (USD) 12:45pm

Monetary Policy Statement (USD) 12:45 pm

ECB Press Conference (USD) 1:30 pm

Unemployment Claims (USD) 1:30 pm

Comment: The EURO gains from yesterday quickly went sour as investors keep losing confidence in the EU in their ability to control the widespread of the virus. Technically, this pair has been rejected by a trend line resistance multiple times and still got rejected at the same level yesterday, It is envisaged that this pair should trade bearish for the most part of the day.

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