Analyst
Bearish Preference: Sell position is envisaged if price trades below 49.16 with take profit at 48.90
Bullish Preference: Buy position is envisaged if price trades above 49.74 with take profit at 50.58
Crude Oil Inventories (US) 4:30 PM
Comment: The report made available by the American Petroleum Institute (API) late Tuesday night showed an unexpected rise in stockpiles in the US, weighing on sentiment and dragging the commodity southward. The commodity was supported firmly at the $49.2 price levels as it rebounded strongly with three white soldiers' formation on the hourly chart.
Bullish Preference: Buy position is envisaged if price trades above 29975 with a take profit at 30056
Bearish Preference: Sell position is envisaged if price trades below 29767 with take profit at 29700.
Core Durable Goods Orders m/m (USD) 2:30 PM
Durable Goods Orders m/m (USD) 2:30 PM
Unemployment Claims (USD) 2:30 PM
Comment: Dow industrials rang up the worst loss in December as a mutation of the virus that causes COVID-19 strain continued to fuel fresh lockdown measures in parts of Europe, resulting in a clear pause in bullish sentiment on Wall Street.
Bullish Preference: Buy position is envisaged if price trades above 1.22056 with a take profit 1.22223
Bearish Preference: Sell position is envisaged if price trades below 1.21746 with take profit at 1.21546.
Core Durable Goods Orders m/m (USD) 2:30 PM
Durable Goods Orders m/m (USD) 2:30 PM
Unemployment Claims (USD) 2:30 PM
Comment: The sentiment remains cautiously optimistic, with markets eagerly awaiting a Brexit trade deal breakthrough while US President obstructed a $900 billion covid stimulus, calling the bill as a disgrace. The pair awaits fresh impetus for the next push higher, as a fresh batch of critical economic releases will be released from the US docket later today. Also, fresh virus updates will be eyed for fresh cues on the market sentiment.
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