Analyst
Bullish Preference: Buy position is envisaged if price trades above 1.37782 with take profit at 1.37939.
Bearish Preference: Sell position is envisaged if price trades below 1.37235 with take profit at 1.37088.
CB Consumer Confidence (USD) 3:00 PM
Comment: The dollar edged higher in early European trading on Tuesday. Elsewhere, GBP did a bit of recovery against the USD later hours of yesterday. Sterling is expected to stand firm mainly because of news of mobility restrictions lifted in England on the back of the country’s successful vaccination program. The main U.S. economic release Tuesday will be the March CB consumer confidence figure, which is expected to show an improvement as states reopen and the U.S. vaccination program continues apace.
Bullish Preference: Buy position is envisaged if price trades above 65.45 with take profit at 65.75.
Bearish Preference: Sell position is envisaged if price trades below 64.32 with take profit at 63.63.
No major fundamentals.
Comment: Oil was up Tuesday morning in Asia, as attention shifted from a container ship stuck in the Suez Canal to an Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting later in the week. Oil prices edged higher on Monday after Reuters reported Russia would support stable oil output from OPEC+ ahead of a meeting with the producer group later this week. OPEC+ would meet on April 1 to decide the output policy. Russian oil and gas condensate output increased to 10.22 million barrels per day (bpd) in the period March 1-28 from 10.1 million bpd in February.
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