Analyst
Bearish Preference: Sell position is envisaged if price trades below 30221 with take profit at 30160
Bullish Preference: Buy position is envisaged if price trades above 30290 with take profit at 30350
No major economic data with direct bearing on the index
Comment: DJIA closed higher Tuesday as the outlook of the vaccine outweighs the sentiment of hospitalization and death due to COVID-19 complications. The document released by the FDA yesterday confirmed a “favourable safety profile” for the Pfizer vaccine and is up for a vote on Thursday on whether to authorize its use in the United States.
Bullish Preference: Buy position is envisaged if price trades above 1.34324 with take profit at 1.34649.
Bearish Preference: Sell position is envisaged when price trades below 1.33436 with take profit at 1.33159.
No major economic data with bearing on the pair
Comment: The Cable recently picked up bids as the US dollar dropped across the board, amid stimulus hopes. However, the bulls are cautious while snapping a three-day losing streak as UK PM Johnson is preparing for the make-or-break Brexit moment. Adding to the general air of optimism, hitting the safe haven dollar, was a Food and Drug Administration data dump flagging no new safety or efficacy concerns over the Pfixer/BioNTech COVID-19 vaccine. The U.K. has already started vaccinating its population with this drug.
Bullish Preference: Buy position is envisaged if price trades above 1.21427 with take profit at 1.21527.
Bearish Preference: Sell position is envisaged when price trades below 1.21179 with take profit at 1.21079.
No major economic data
Comment: The dollar weakened in early European trade Wednesday, with growing confidence surrounding U.S. fiscal stimulus and the vaccine rollout prompting traders to seek riskier currencies. Adding to the general air of optimism, hitting the safe-haven dollar, was a Food and Drug Administration data dump flagging no new safety or efficacy concerns over the Pfixer/BioNTech COVID-19 vaccine, implying it will be approved for America when the administration meets on Thursday.
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