Preference: Buy position is envisaged if prices trade above 41.01 with take profit at 41.57.
Alternative scenario: Sell position is envisaged if price trades below 39.62 with take profit at 38.74.
Crude Oil Inventories (USD) 3:30 PM
Comment: The instrument is currently surging northward, bouncing off a strong support at $40 earlier today. The bullish run is envisaged to continue pending the release of Crude Oil inventories later today.
Preference: Buy position is envisaged if prices trade above 1.12993 with take profit at 1.13330.
Alternative scenario: Sell position is envisaged if price trades below 1.12627 with take profit at 1.12189.
Fed Chair Powell Testifies USD 5:00 PM
Comment: The dollar drifted lower in early European trade Wednesday, but ranges are tight as investors try to digest a combination of upbeat economic data, a gloomy prognosis from the Federal Reserve chairman, worries about a second COVID19 wave and diplomatic tensions in Asia.
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