Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 0.68969 with take profit at 0.68540.
Alternative scenario: Buy position is envisaged if price trades above 0.69587 with take profit at 0.70110.
No major economic data with direct bearing on the currency pair.
Comment: Despite the fact that the dollar lost strength between yesterday and today, the AUSSIE is currently trading on a strong and tested resistance zone which rejected price yesterday; a level of correction is envisaged on the pair.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1737.15 with take profit at 1743.78.
Alternative scenario: Sell position is envisaged if price trades below 1726.14 with take profit at 1717.77
No major economic data with direct bearing on the commodity
Comment: Gold traded higher yesterday after U.S Fed. Chairman statement that interest rate will be kept constant for the foreseeable future in a bid to support the economy. This statement generated some bullish sentiment to support the precious metal, hence the continuation of the bullish run is envisaged for today.
NOTE: The Chairman of the Federal Reserve Bank, Jerome Powell warned that the United States economy may need further support despite the near-term fiscal aid. He highlighted the signs of improvement noticed in the labour market but added that ”a lot of work”, is still needed. The economic recovery may require US Congress to help with further fiscal stimuli.
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