Morning Insights 27th May

Simon Alagbe

Analyst

Instrument: USDCAD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.38073 with take profit at 1.38671.

Alternative scenario: Sell position is envisaged if price trades below 1.37215 with take profit at 1.36301.

Fundamentals:

None

Comment: A retracement is expected on USDCAD as there are sentiments on a fall in oil prices due to signs Russia was planning to ease supply cuts from July, while tensions between the U.S. and China escalated amid the specter of sanctions.





Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.09445 with take profit at 1.09251.

Alternative scenario: Buy position is envisaged if price trades above 1.09687 with take profit at 1.09902.

Fundamentals:

  ECB President Lagarde Speaks (EUR) 8:30 am

Comment: The decline could be associated with the worries about the US response to China's proposed security law for Hong Kong and the resulting haven demand for the greenback. Price seems to have hit a verified resistance on the daily timeframe.

Use your preferred trading platform

Register Now


Payment Options

What Clients Say?