Morning Insights 14th August

Simon Alagbe

Analyst

Instrument: OIL

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 44.30 with take profit at 43.92 

Alternative scenario: Buy position is envisaged if price trades above 44.79 with take profit at 45.13

Fundamentals

Baker Hughes Oil Rig Count (US) 6 PM

Comment: Black gold is expected to trade bearish today in response to weaker than expected production data from China. The commodity was supported by inventory data but the gains were limited by the rising number of COVID19 infections. OPEC also predicted a drop in oil demand by 9.06 mbpd lending support to the bearish move. 


Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.18167 with take profit at 1.18320

Alternative scenario: Sell position is envisaged if price trades below 1.17868 with take profit at  1.17660

Fundamentals:

Core Retail Sales m/m (USD) 1:30pm

Retail Sales m/m (USD) 1:30pm

Comment: The greenback rose in yesterday session after jobless claims fell below 1million for the first time since the outbreak of COVID19. The pair is envisaged to continue on the prevalent uptrend.

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