Analyst
Bearish Preference: Sell position is envisaged if price trades below 1.21214 with take profit at 1.20889
Bullish Preference: Buy position is envisaged if price trades above 1.21436 with take profit at 1.21692
No Major economic data with direct bearing on the pair.
Comment: The eagerly awaited Coronavirus stimulus to help keep afloat ailing businesses is suffering delays, with Congress talking about splitting the $908 billion into two parts to force it through. The first part will be targeted at vaccine distribution and unemployed benefits, while the more controversial second part will target local support and temporary COVID-19 liability protection. All attention is on the final policy-setting meeting starting today to conclude tomorrow with expectations growing that the bank will increase its Asset Purchase Program.
Bullish Preference: Buy position is envisaged if price trades above 50.15 with take profit at 50.87.
Bearish Preference: Sell position is envisaged if price trades below 49.61 with take profit at 48.81.
No Major Fundamentals
Comment: Oil prices fell on Tuesday due to tighter lockdown in Europe and a forecast for a slower recovery in demand next year outweighed relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East. Europe megacities have implemented lockdown strategies that will see the closure of non-essential stores.
Bullish Preference: Buy position is envisaged if price trades above 29985 with take profit at 30106
Bearish Preference: Sell position is envisaged if price trades below 29888 with take profit at 29774
No major economic data
Comment: U.S. stocks are seen opening higher this week, as investors weigh up the rollout of a COVID-19 vaccine and updates on a new corona-virus relief package. Given these numbers, investors will be keen to hear if more fiscal stimulus is coming. A bipartisan group of House and Senate negotiators has decided to split its $908 billion Covid relief package into two separate proposals. One bill will be a $748 billion proposal, which includes money for small business loans, jobless benefits and vaccine distribution, and is expected to pass.
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Adefuwa Ayodele