Analyst
Bearish Preference: Sell position is envisaged if price trades below 40.17 with take profit at 39.51
Bullish Preference: Buy position is envisaged if price trades above 40.65 with take profit at 41.32
No major economic data with direct bearing on the commodity
Comment: Black gold buoyed by the return of risk appetite and optimism of better trade relations among nations. The optimism might be short-lived as data released from China showed a 12% decline in October imports compared with September, although the prospect of 7.7 million barrels per day reduction in output proposed by OPEC+ may help stabilize prices.
Bearish Preference: Sell position is envisaged if price trades below 1.18705 with take profit at 1.18213
Bearish Preference: Buy position is envisaged if price trades above 1.19040 with take profit at 1.19350.
ECB President Lagarde Speaks (EUR) 10:25 AM
Comment: The dollar index fell on the opening of this week's trading as an expectation of more monetary stimulus and less confrontational trade policies from Biden extended gains on the pair. The Fed had earlier reiterated its commitment to do more to salvage the US economy. The current wave of the event in the U.S is envisaged to further support commodity dependent currencies and weaken the greenback.
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