Morning Insights 7th August

Simon Alagbe

Analyst


Instrument: USDCAD

Intraday: Bearish

Technical Analysis

Preference:  Sell position is envisaged if price trades below 1.33380 with take profit at key level 1.33153

Alternative scenario: Buy if price trades above 1.33607 with take profit at 1.33939

Fundamentals:

Employment Change (CAD)    1:30 PM

Unemployment Rate (CAD)    1:30 PM

Average Hourly Earnings m/m (USD)    1:30 PM

Non-Farm Employment Change (USD)   1:30 PM

Unemployment Rate (USD)   1:30 PM

Comment:  Although oil has seen consistent rise thanks to the weak dollar and the US lawmakers uncertainty concerning the new stimulus package bill in congress, investors feel there is optimism that Congress would get their acts together and pass the bill. So we are seeing a slow but steady rise in the dollar.



Instrument: GOLD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 2076.07 with take profit at 2087 

Alternative scenario:  Sell position is envisaged if price trades below 2050.00 with take profit at the key level (2030).


Fundamentals:

Average Hourly Earnings m/m (USD)    1:30 PM

Non-Farm Employment Change (USD)   1:30 PM

Unemployment Rate (USD)   1:30 PM

Comment: Sino-Us trade tensions and the mixed data on the unemployment claims are major determinants in today's market but Gold is still pulling through against this weak dollar month. The instrument is very keen on pulling forward and still looks good for a buy again.

Use your preferred trading platform

Register Now


Payment Options

What Clients Say?