Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.18682 with take profit at 1.19059
Alternative scenario: Sell position is envisaged if price trades below 1.18222 with take profit at 1.17947
No major economic data with bearing on the pair.
Comment: The broader sentiment on the greenback remains weak as Powell reiterated the intention of the Bank to keep rate low for longer. The Greenback surged to the highest level on Friday, the highest in over a week against a basket of other currencies after employment data showed improvement in the US job market. Banks in the US are closed in observance of Labor day and are expected to limit liquidity.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 41.67 with take profit at 41.15
Alternative scenario: Buy position is envisaged if price trades above 44.00 with take profit at 44.30
No major economic data with a bearing on the commodity
Comment: The commodity is envisaged to trade lower in today's session as Oil giant Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as China, the world's biggest importer slowing imports. Rig Count data from the US on Friday further supports the sentiment of oversupply in the market.
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