Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 43.51 with take profit at 43.91.
Alternative scenario: Sell position is envisaged if price trades below 42.80 with take profit at 42.50.
No major economic data with direct bearing on this commodity.
Comment: Oil has been bouncing off positive sentiments as tensions between the United States and China rose against a backdrop of rising coronavirus cases. The underlying sentiment is that a weaker dollar usually spurs buying of commodities priced in the greenback, like oil, because they become cheaper for holders of other currencies.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.27250 with take profit at 1.27665
Alternative scenario: Sell position is envisaged if price trades below 1.27104 with take profit at 1.26950
Flash Manufacturing PMI (USD) 2:45 PM
Comment: China ordered the United States to close its consulate in the city of Chengdu on Friday, responding to a U.S. demand this week that China closes its Houston consulate, as relations between the world's two largest economies deteriorate. The dollar slid to 22-month lows against a basket of currencies because of this and it is expected to continue this slide today as all data from Britain this morning has been positive.
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