Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.8823 with take profit at 1.18450
Alternative scenario: Buy position is envisaged if price trades above 1.19353 with take profit at key level 1.19698
ADP Non-Farm Employment Change USD 1:15pm
Comment: The dollar bounced off two-year lows on Wednesday as U.S. data pointed to a firm manufacturing activity, while the euro retreated from its highest levels since 2018 on profit-taking. Price is expected to retreat further if it breaks the nearest support on 1HR.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 0.73356 with take profit at 0.73044
Alternative scenario: Buy position is envisaged if price trades above 0.73848 with take profit at key level 0.74080
ADP Non-Farm Employment Change (USD) 1:15pm
Comment: Separate data from the Australian Bureau of Statistics showed Australia suffered its worst economic fall in quarterly domestic product on record last quarter as the coronavirus pushed the country into recession. On the Dollar front, Economic data published on Tuesday showed U.S. manufacturing activity sped up to a nearly two-year high in August amid a surge in new orders, with the reading from the Institute for Supply Management reaching highest level since November 2018.
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Adefuwa Ayodele