Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 44.65 with take profit at 44.24
Alternative scenario: Buy position is envisaged if price trades above 45.15 with take profit at 45.55
No major economic data with a direct bearing to this commodity
Comment: Oil became bearish yesterday after the Fed's minutes from its July meeting spooked investors by showing that the swift labour market rebound seen in May and June had likely slowed and the market reacts by pulling back. The instrument has been expected to pull back from recent highs even though the overall outlook on the commodity remains bullish.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.18720 with take profit at 1.18820
Alternative scenario: Sell position is envisaged if price trades below 1.18560 with take profit at 1.18460
German Flash Services PMI (EUR) 8:30 am
German Flash Manufacturing PMI (EUR) 8:30 am
Flash Manufacturing PMI (USD) 2:45 pm
Comment: The Greenback performed poorly yesterday and also Wall Street was knocked from its recent highs after the Fed's minutes from its July meeting spooked investors by showing that the swift labour market rebound seen in May and June had likely slowed with the Euro basking in a euphoria of stability in recent times. This is expected to push the pair further up.
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