Morning Insights 15th May

Simon Alagbe


Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above  32.30 with take profit at 32.80

Alternative scenario: Sell position is envisaged if price trades below 31.70 with take profit at 31.20


Baker Hughes Rig count (US) 6 pm

Comment: The commodity overcame a strong resistance level on both the 1H and 4H timeframe and is expected to continue the bullish run owing to the gradual re-opening of major economies supporting demand. 

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.07977 with take profit at 1.07840

Alternative scenario: Buy position is envisaged if price trades above  1.07990 with take profit at 1.08817


Core Retail Sales (USD)  1:30 pm   

Comment: The Greenback is envisaged to trade higher in the session today after President Donald stated his disappointment in the way China handled the novel virus. This statement is expected to re-ignite another round of tension between Washington and Beijing.

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