Bearish Preference: Sell position is envisaged if price trades below 63.33 with take profit at 63.00
Bullish Preference: Buy position is envisaged if price trades above 63.57 with take profit at 64.00
No major economic data with bearing on the commodity
Comment: Oil prices closed slightly lower in yesterday's session despite the shutdown of refineries in Texas (Texas is the biggest crude producing state in the United States). The sentiment on Oil remains bullish as supply concern from Saudi Arabia due to feared geopolitical tension dominates sentiment.
Bullish Preference: Buy position is envisaged if price trades above price 1.21443 with take profit at 1.21526
Bearish Preference: Sell position is envisaged if price trades below 1.21275 with take profit at 1.21162
No major economic data with bearing on the index
Comments: U.S. stocks have edged lower since the end of the previous week, consolidating after recent gains with investors remaining confident vaccinations and additional fiscal stimulus will cause a reasonably prompt economic recovery. Stock markets have benefited from the expectation of additional stimulus from the new administration, and a House committee on Thursday approved a proposal to give airlines another $14 billion as part of President Joe Biden’s $1.9 trillion COVID-19 relief bill.
Bearish Preference: Sell position is envisaged if price trades below 105.379 with a take profit at 105.206
Bullish Preference: Buy position is envisaged if price trades above price 105.578 with take profit at 105.731
No major economic data with bearing on the pair.
Comments: The USD/JPY pair continued gaining positive traction for the fifth consecutive session on Tuesday and shot to over one-week tops during the Asian session. The JPY was further pressured by dovish comments from the BoJ Governor Haruhiko Kuroda, saying that there is still very high uncertainty over the economic outlook. Kuroda further added that it was premature to debate an exit from the massive stimulus programme, including BoJ's ETF buying.
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