Analyst
Bearish Preference: Sell position is envisaged if price trades below 30020 with take profit at 29839
Bullish Preference: Buy position is envisaged if price trades above 30224 with take profit at 30343
ISM Manufacturing PMI (US) 4:00 PM
Comment: The instrument gaped to the downside on opening this week but has been on a bullish run rebounding after the sell-off recorded last week. The positive news on the administration of COVID-19 vaccine in the UK is a major boost to market optimism even though the Eurozone is lagging. The general market optimism to the stock market is envisaged to further support the index to the upside.
Bearish Preference: Sell position is envisaged if price trades below 1.21062 with take profit at 1.20973.
Bullish Preference: Buy position is envisaged if price trades above 1.21348 with take profit at 1.21508.
ISM Manufacturing PMI (US) 4 PM
Comment: Technically, on the D1 we can see that EURUSD looks to break the 50 EMA which would turn the instrument bearish in the long term. We can see the USD PMI a leading indicator of the economic health in the US, good data on the PMI would strengthen the buck.
Bearish Preference: Sell position is envisaged if price trades below 1.27301 with take profit at 1.26968.
Bullish Preference: Buy position is envisaged if price trades above 1.28199 with take profit at 1.28560.
Manufacturing PMI (CAD) 3:30 PM
ISM Manufacturing PMI (USD) 4:00 PM
Comment: Technically, on the D1 we see that the 50 EMA is serving as a resistant for the loonie, the uncertainty in the US markets has diminished the dollar value as the loonie is gaining steam on the buck. We expect if prices break the 50 EMA, we should expect the bulls to enter the market.
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