Morning Insights 10th September

Simon Alagbe

Analyst


Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference:  Buy position is envisaged if price trades above 1.18450 with take profit at 1.18900

Alternative scenario: Sell position is envisaged if price trades below 1.17500 with take profit at key level 1.17000

Fundamentals:    

Main Refinancing Rate (EUR) 12:45 pm

Monetary Policy Statement (EUR) 12:45 pm

ECB Press Conference (EUR)  1:30 pm 

Unemployment Claims (USD) 1:30 PM

Comment:  EURUSD has been ranging at a support zone. However, the ECB gave optimistic comments on the current health of the EURO, hence weakening the dollar. It is envisaged that this pair will trade bullish today, although we will have to wait till the ECB policy statement comes out today.




Instrument: GOLD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1945.00 with take profit at 1950.00

Alternative scenario: Sell position is envisaged if price trades below 1939.00  with take profit  at 1933.00

Fundamentals:

Main Refinancing Rate (EUR) 12:45 pm

Monetary Policy Statement (EUR) 12:45 pm

ECB Press Conference (EUR)  1:30 pm 

Unemployment Claims (USD) 1:30 PM

Comment: The precious metal surged in yesterday's session as the dollar fell against a basket of major currencies. The commodity is trading around a verified resistance ahead of the release of the main refinancing rate from the Eurozone. 

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