Analyst
Bearish Preference: Sell position is envisaged if price trades below 36.27 with take profit at 35.62
Bullish Preference: Buy position is envisaged if price trades above 37.03 with take profit at 37.41
No major economic data with direct bearing on the commodity
Comment: Black gold gaped down on opening this week pressured by the rising number of new infections around the world leading to fresh lockdown. The lockdown is expected to further severe demand for the commodity buoying the sentiment of oversupply in the market.
Bearish Preference: Sell position is envisaged if price trades below 1.16198 with take profit at 1.15866
Bullish Preference: Buy position is envisaged if price trades above 1.16531 with take profit at 1.16790
ISM Manufacturing PMI (US) 3 PM
Comment: The rising number of new infections in the Eurozone has forced the hands of Germany and France to impose partial lockdown with Italy contemplating on expanding the current restriction in place. The US presidential election draws closer with Biden maintaining a comfortable lead in the national poll but the results in the key swing states remain very close. Increased volatility is expected on the pair this week, and traders are encouraged to watch out for updates on the election.
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