Morning Insights 24th August

Simon Alagbe

Analyst


Instrument: Oil

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 44.75 with take profit at 45.00

Alternative scenario: Sell position is envisaged if price trades below 44.55 with take profit at 44.16

Fundamentals:

No major economic data with direct bearing on the commodity

Comment: Black gold is envisaged to close higher today, buoyed by the shutdown of more than half the Gulf of Mexico's oil production because of storm. This has led to the shutdown of 58% of offshore oil production in the region.


Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.18242 with take profit at 1.18687

Alternative scenario: Sell position is envisaged if price trades below 1.18016 with take profit at 1.17705

Fundamentals:

No major economic data with direct bearing on the pair

Comment: The Greenback recovered some lost ground against the common currency on Friday but the gains are expected to be limited as the Fed is committed to aggressive easing for a very long time leading to further weakness in the dollar. 

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