Morning Insights 19th October

Simon Alagbe

Analyst


Instrument: EURUSD

Technical Analysis

Bearish Preference: Sell position is envisaged if price trades below 1.17090 with take profit at 1.16866

Bullish Preference: Buy position is envisaged if price trades above 1.17258 with take profit at 1.17369

Fundamentals:

Fed Chair Powell Speaks (US) 1PM

ECB President Lagarde Speaks (EUR) 1:45 PM

Comment: The greenback surged in the early session boosted by renewed hope of a stimulus package in the US and expectations of a COVID-19 vaccine before the year runs out. Traders are advised to pay attention to the speech of Jerome Powell later today for a hint on the strength of the dollar.




Instrument: OIL

Technical Analysis

Bearish Preference: Sell position is envisaged if price trades below 42.89 with take profit at 42.64

Bullish Preference: Buy position is envisaged if price trades above 43.04 with take profit at 43.37

Fundamentals:

OPEC-JMMC Meetings All-day

Comment: The weaker than expected data released from China, the second-largest economy will further weigh on the commodity as economies continue to grapple with the possibility of lockdown due to the rising number of infections around the world. The commodity is envisaged to trade narrowly ahead of the outcome of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of Petroleum Exporting Countries (OPEC) holding today.



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