Analyst
Bearish Preference: Sell position is envisaged if price trades below 30041 with take profit at 29882
Bullish Preference: Buy position is envisaged if price trades above 30116 with take profit at 30223
Final GDP q/q (US) 4:30 PM
Comment: The news of the discovery of a new strain of Coronavirus sent the index tumbling in the early session yesterday as fears of tighter lockdown resulting in further damage to economies dominated sentiment. The index recovered later aftermarket participants digested the decision of Federal Reserve late Friday to allow banks to resume stock buybacks from the first quarter of next year. The sentiment in the market is somewhat balanced with the expectation of a fiscal stimulus saving the economy of the worst effect of the novel virus.
Bearish Preference: Sell position is envisaged if price trades below 1.22114 with take profit at 1.21711
Bullish Preference: Buy position is envisaged if price trades above 1.22310 with take profit at 1.22512
Final GDP q/q (US) 4:30 PM
Comment: The data made available from the Eurozone weighed on the common currency as key economies within the block have re-entered national lockdowns. The greenback on the other hand resumed its safe haven status after the discovery of a new strain of the novel virus. The annualised GDP data for the third quarter expected from the US later today will provide insight into whether the pair will remain subdued in today's session.
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Adefuwa Ayodele