Morning Insights 9th October

Simon Alagbe

Analyst


Instrument: US30

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 28470 with take profit at 28549.

Alternative scenario: Sell position is envisaged if price trades below 28345 with take profit at 28263.

Fundamentals:

None with direct impact on the index.

Comment: U.S. stock rose early Friday morning as Wall Street continued to search for clarity surrounding a new potential fiscal aid bill. The Dow climbed Thursday, led by strength in value stocks even as investors mulled over the chances of further stimulus after U.S. House Speaker Nancy Pelosi rejected passing standalone aid bills. The bullish run is expected to continue if the instrument breaks the resistance on 1HR.



Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy Limit at 1.17832  with take profit at 1.18006

Alternative scenario: Sell position is envisaged if price trades below 1.17787 with take profit at 1.17484

Fundamentals

No major economic data with direct bearing on the pair. 

Comment: The instrument broke through key resistance and is expected to retest the key levels before continuing the northward move. The greenback has been pressured by the possibility of Biden becoming the next occupant of the White House, improving sentiment on a more cordial relationship between the two largest economies (US and China). 

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