Analyst
Bearish Preference: Sell position is envisaged if price trades below 31094 with take profit at 31000
Bullish Preference: Buy position is envisaged if price trades above 31239 with take profit at 31395
No major economic data with direct bearing
Comment: Dow Jones sheds some weight after it was reported that only 49,000 jobs were added last month in the US. The index ended the week on a strong foot and retesting the 31143 regions. The index is expected to retrace off the resistance slightly today before continuing the bullish run.
Preference: Buy position is envisaged if price trades above price 105.572 with take profit at 105.649
Alternative Scenario: Sell position is envisaged if price trades below 105.313 with a take profit at 105.155
No major economic data with bearing on the pair.
Comments: The U.S. jobs report for January, released on Friday, showed that fewer jobs were created in the economy than expected. Non-farm payrolls were at 49,000 and the unemployment rate was at 6.3%. Further U.S. data, including the federal budget and the consumer price index, will be released later in the week. Although the data was disappointing, some investors said that it could lead to more stimulus measures, which could boost the economy.
Preference: Buy position is envisaged if price trades above 60.20 with take profit at 60.68
Alternative Scenario: Sell position is envisaged if price trades below price 59.36 with take profit at price 58.81
No major fundamentals
Comments: Oil started up Bullish this morning in Asia, with supply cuts by key producers and hopes for further U.S. stimulus measures, giving the black liquid a boost. More so The U.S. jobs report for January, released on Friday, showed that fewer jobs were created in the economy than expected and some investors said that it could lead to more stimulus measures, which could boost fuel demand directly resulting to a high in fuel price.
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