Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 23569 with take profit at 23375
Alternative scenario: Buy position is envisaged if price trades above 23786 with take profit at 23975
Core PPI m/m (USD) 1:30pm
PPI m/m (USD) 1:30pm
Fed Chair Powell Speaks (USD) 2:00 pm
Comment: Stocks fell in the early hours of Wednesday as fears about the second wave of coronavirus infections gripped financial markets. Investors, many facing steep losses due to the pandemic-driven shakeout in assets over the past few months, have also had to contend with renewed U.S.-China trade tensions.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.40620 with take profit at 1.40832
Alternative scenario: Sell position is envisaged if price trades below 1.40356 with take profit at 1.40102
Core PPI m/m (USD) 1:30pm
PPI m/m (USD) 1:30pm
Fed Chair Powell Speaks (USD) 2:00 pm
Comment: Concerns that a premature easing of lockdowns could lead to the second round of outbreak of the deadly coronavirus overshadowed Saudi Arabia's commitment to further deepen oil production cuts in June. This, in turn, led a modest pullback in oil prices, which might undermine the commodity-linked loonie and extended some support to the major.
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Kobi
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Ebere Uzodinma
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Oluwatuyi Timileyin Samuel
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Adefuwa Ayodele