Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.11555 with take profit at 1.11750.
Alternative scenario: Sell position is envisaged if price trades below 1.10937 with take profit at 1.10659
No major economic data with direct bearing on the pair
Comment: The Greenback is currently pressured by the seeming recovery of global economies in the light of mass protest in the US because of the death of a black man in police custody. With the bullish run on the pair intact, a buy trade is envisaged once it goes above the resistance on the hourly chart.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 39.22 with take profit at 40.00
Alternative scenario: Sell position is envisaged if price trades below 38.05 with take profit at 37.37.
No major economic data with direct bearing on the commodity
Comment: Black gold continued its recent recovery despite the rising US-China tensions. A virtual meeting of OPEC+ scheduled to hold on June 4 where a deal to extend the current 9.7 million barrels per day cut beyond June is expected to be discussed is sending positive waves to the market.
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