Morning Insights 30th September

Simon Alagbe

Analyst


Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference:  Sell position is envisaged if price trades below 1.17243 with take profit at 1.16882.

Alternative scenario: Buy position is envisaged if price trades above 1.17516 with take profit at  1.17790.

Fundamentals:    

 ECB President Lagarde Speaks (EUR ) 8:20 am

Comment:  The dollar was up on Wednesday morning across the board in Asia, with investors digesting economic data from China. There is optimism as regards the introduction of a stimulus package, even though there are some ongoing discussions about it.  




Instrument: GOLD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1879.64 with take profit at 1869.65.

Alternative scenario: Buy position is envisaged if price trades above 1902.90 with take profit at  1915.99

Fundamentals:

None with direct impact on the commodity

Comment: Gold was down on Wednesday morning over a strengthening dollar and cautious optimism over the latest U.S. stimulus measures. The dollar inched up and stocks, which usually move inversely to the yellow metal, were mostly up during Wednesday’s Asian trade.

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