Analyst
Bearish Preference: Sell position is envisaged if price trades below 29765 with take profit at 29687
Bullish Preference: Buy position is envisaged if price trades above 29918 with take profit at 30041
No major economic data with direct bearing on the index
Comment: The euphoria over COVID-19 vaccine and expectations of Biden's administration further stimulating the economy amidst a calmer political environment in the country supported the bulls. The stock markets flourish under reduced policy uncertainties as expectations of better trade relations from Biden dominates sentiments. The rising number of new infections in the United States has affected businesses negatively, as confirmed by the weekly data from the U.S. Labor Department's weekly jobless claims.
Bullish Position: Buy position is envisaged if price trades above 1.19407 with a take profit 1.19430
Bearish Position: Sell position is envisaged if price trades below 1.19250 with take profit at 1.19150
No major economic data with direct bearing to this pair.
Comment: The dollar has seen a significant rise in more unemployment claims, couple with a GDP growth of 33.1% which is positively created mixed sentiment; seeing how investors get conservative in a mixed sentiment, they tend to invest in a different asset entirely. This is the reason we have seen the EUR rising rapidly against the dollar. This pair is also likely going to go above the verifies resistance stemming from the fact that we have a bank holiday in the US today.
Bullish Preference: Buy position is envisaged if price trades above 1821.00 with take profit at 1830.00
Bearish Preference: Sell position is envisaged if price trades below 1800.00 with take profit at 1790.00
No major economic data with direct bearing to this commodity
Comments: Gold has seen positive reactions today, and this is because of the loss of jobs in the US showed by the rising number of unemployment claims, also for the rising cases of coronavirus; also given its attractiveness as a hedge against a weakened stock market, Gold supports a bullish move temporarily. Despite the news on vaccines to combat COVID, issues surrounding the distribution would have an effect and may not be resolved till the second quarter of 2021.
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