Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.32450 with take profit at 1.32740.
Alternative scenario: Sell position is envisaged if price trades below 1.31982 with take profit at 1.31673.
No major economic data with direct bearing to this instrument
Comment: The Buck benefitted from the slightly hawkish stance of the Federal Reserve at the policy meeting concluded yesterday. The bank did not provide any suggestion of more stimulus in the near term and pledged to keep rates near zero until 2023. The bank also lifted its growth forecast for 2020 to show a decline of only 3.7% as against 6.5% contraction earlier released. The somewhat positive outlook lends strength to the Buck and surged against a basket of major currencies. Owing to the bearish stance on oil, the pair is envisaged to trade bullish today.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1942.00 with take profit at 1937.00
Alternative scenario: Buy position is envisaged if price trades above 1949.30 with take profit at 1953.45
No major economic data with direct bearing to this commodity.
Comment: The yellow metal is expected to submit some of its recent gains due to the current strength of the dollar. The commodity has enjoyed a smooth bullish run in recent months as social and economic uncertainties around the world grew beyond normal bounds.
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