Analyst
Bearish Preference: Sell position is envisaged if price trades below 47.19 with take profit at 46.92
Bullish Preference: Buy position is envisaged if price trades above 47.66 with take profit at 48.01
Crude Oil Inventories (US) 4:30 PM
Comment: Oil was pressured in yesterday's session by the surprise build in US crude oil inventory as reported by the American Petroleum Institute and the uncertainty emanating from the delay of the OPEC+ meeting. The commodity is expected to trade to the upside as countries begin the approval of vaccination against the deadly coronavirus, boosting optimism for a faster than expected economic recovery. The release of inventory data from the U.S. Energy Information Administration is a big factor ahead of the OPEC+ meetings tomorrow.
Bearish Preference: Sell position is envisaged if price trades below 29601 with take profit at 29504.
Bullish Preference: Buy position is envisaged if price trades above 29739 with take profit at 29848
Fed Chair Powell Testifies (USD) 4:00 PM
Comment: The Dow pared some gains but closed higher on Tuesday as renewed hopes for fiscal stimulus and positive vaccine news lifted investor sentiment and eased worries about COVID-19 infections across the U.S. The backdrop of progress on the vaccine front helped eased some investor fears infections could continue to ramp in the weeks ahead as more people gather over the holidays.
Bearish Preference: Sell position is envisaged if price trades below 1.33460 with take profit at 1.33232.
Bullish Preference: Buy position is envisaged if price trades above 1.33945 with take profit at 1.34240.
ADP Non-Farm Employment Change (US) 2:15 pm
Fed Chair Powell Testifies (US) 4:00 pm
Comment: The dollar weakened in early European trade Wednesday, as vaccine optimism and talk of further fiscal stimulus from the United States gave fresh encouragement to higher-yielding currencies. On the GBP front, Chief EU Brexit Negotiator Michel Barnier has told EU envoys that talks are stick stuck around three main issues – fisheries, governance, and fair competition. He added that a deal hangs in the balance and there may still be a no-deal outcome.
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Adefuwa Ayodele