Morning Insights 17th February

Simon Alagbe

Analyst


Instrument: EURUSD

Technical Analysis

Bearish Preference: Sell position is envisaged if price trades below 1.20559 with take profit at 1.20341

Bullish Preference: Buy Limit is envisaged at 1.20613 with take profit at 1.20788

Fundamentals:

Core Retail Sales m/m (USD) 2:30 pm

Retail Sales m/m (USD) 2:30 pm

Comment: The greenback gained some lost ground against the common currency in the session yesterday as 10 year US treasury yields surge on account of rising inflation as expectations of fresh stimulus package and successful vaccination program globally boosted optimism.



Instrument: GOLD

Technical Analysis:

Bearish Preference: Sell is envisage if price trades below 1786.99 with take profit at 1781.88

Bullish Preference: Buy is envisaged if price trades above 1795.91 with take profit at 1800.87

Fundamentals:

Core Retail Sales m/m (USD) 2:30 pm

Retail Sales m/m (USD) 2:30 pm

Comments: Gold was down on Wednesday morning in Asia, continuing its decline for a fifth consecutive day. The safe-haven yellow metal is headed for its longest period of decline in almost a year, thanks to Treasury yields surging over expectations of a quick global economic recovery from COVID-19.



Instrument: US30

Technical Analysis:

Bearish Preference: Sell position is envisage if price trades below 31504 with take profit at 31550

Bullish Preference: Buy position is envisaged if price trades above 31432 with take profit at 31376

Fundamentals:

Core Retail Sales m/m (USD) 2:30 pm

Retail Sales m/m (USD) 2:30 pm

Comments: The Dow Jones Industrial Average notched a record closing high on Tuesday as cyclical sectors gained on the prospect of more fiscal aid to lift the U.S. economy from a coronavirus-driven slump. Investors will also focus this week on the minutes from the Federal Reserve's January meeting, where it reaffirmed its pledge to maintain a dovish policy stance.









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