Analyst
Bearish Preference: Sell position is envisaged if price trades below 30562 with take profit at 30398
Bullish Preference: Buy position is envisaged if price trades above 30632 with take profit at 30798
Fundamentals:
Unemployment Claims (US) 2:30 PM
Comment: The healthy earnings reported by tech companies have supported the index. The optimism towards the $1.9 trillion COVID-19 packages from President Joe Biden is expected to continue to dominate sentiment, further pushing the index to the upside.
Bearish Preference: Sell position is envisage if price trades below 1.19962 with take profit at 1.19750
Bullish Preference: Buy position is envisaged if price trades above 1.20279 with take profit at 1.20490
Unemployment Claims (US) 2:30 PM
Comments: Pessimism over the U.S economic recovery from COVID-19 receded ahead of the release of the U.S. payrolls report. Investors’ sentiment for the dollar recently improved as COVID-19 vaccination programs continue globally, the $1.9 trillion stimulus package proposed by U.S. President Joe Biden advances through Congress and economic data that has slowly but surely been improving forcing some bearish investors to retreat from their short positions. On the data front, the U.S. payrolls report for January, including non-farm payrolls, will be released on Friday. The release will be a test for the dollar’s recent rise, as the data will show how the U.S. economy reacted to the dip in growth seen near the end of 2020.
Bullish Preference: Buy position is envisage if price trades above 59.01 with take profit at 59.51
Bearish Preference: Sell position is envisaged if price trades below 58.56 with take profit at 58.03
No major economic data with bearing on the commodity expected.
Comments: Oil was up Thursday morning in Asia, after the Organization of the Petroleum Exporting Countries and allies, or OPEC+, vowed to continue with a reduced output policy at a meeting on Wednesday. The U.S. also reported a draw in crude oil supplies. “Crude prices have been rising higher now that OPEC+ has convinced the energy market that they are determined in accelerating market re-balancing without delay,”
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