Analyst
Bearish Preference: Sell position is envisaged if price trades below 29483 with take profit at 29307
Bullish Preference: Buy position is envisaged if price trades above 29649 with take profit at 29765
No major economic data with direct bearing on the index
Comment: The index closed higher on Friday despite the early close of the exchange as optimism dominates sentiment. Outgoing US President Donald Trump says he will leave the oval office if the electoral college elects Joe Biden on December 14th. This statement further raised optimism of a smooth transition between Trump and Biden. The rising number of new infections in the United States is still a major concern despite the recorded progress on vaccines.
Bullish Preference: Buy position is envisaged if price trades above 0.73816 with take profit at 0.74007.
Bearish Preference: Sell position is envisaged if price trades below 0.73659 with take profit at 0.73541.
Chicago PMI (USD) 4:00 pm
Pending Home Sales m/m (USD) 4:00 pm
Comments: The buck traded lower in the early session today and has been held by the 50 EMA on the H1. If the instrument closed below the 50 EMA then it will continue to trade bearish and if price fails to break below, then a bounce on the EMA is expected pending the release of the scheduled economic data later today.
Bullish Preference: Buy position is envisaged if price trades above 47.50 with take profit at 48.37.
Bearish Preference: Sell position is envisaged if price trades below 46.95 with take profit at 46.35.
OPEC Meetings All-day
Comments: Oil prices fell early hours of Monday as investors are a bit jittery ahead of the meeting of producer group OPEC + to decide whether to extend large output cuts to balance the global market. But oil still looks at more gains as hopes of vaccine distribution look possible before the year runs out.
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