Analyst
Bullish Preference: Buy position is envisage if price trades above 107.190 with take profit at 107.330
Bearish Preference: Sell position is envisaged if price trades below 107.037 with take profit at 106.880
Fed Chair Powell Speaks (US) 6:05 PM
Comment: The dollar inched up on Thursday morning in Asia after hitting a seven-month high against the yen during the previous session. With U.S. Treasuries recording orderly gains and boosting the dollar, U.S. Federal Reserve Chairman Jerome Powell is also due to give a speech later in the day. The dollar could continue to gain against the yen should Treasury yields continue to rise in an orderly fashion but could fall against currencies of major commodities exporters as the global economy continues to recover from COVID-19.
Bullish Preference: Buy position is envisage if price trades above 64.92 with take profit at 65.41
Bearish Preference: Sell position is envisaged if price trades below 64.21 with take profit at 63.87.
OPEC-JMMC Meetings All-day
Comment: Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day lent support, alongside a drop in U.S. fuel inventories. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, are considering rolling over production cuts into April instead of raising output, as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC+ sources told Reuters.
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