Morning Insights 31st March

Simon Alagbe

Analyst


Instrument: GBPUSD

Technical Analysis

Bullish Preference: Buy position is envisaged  if price trades above 1.37641 with take profit at 1.37762.

Bearish Preference: Sell position is envisaged if price trades below 1.37315 with take profit at 1.37155.

Fundamentals:    

ADP Non-Farm Employment Change (US) 1:15 PM

Comment: The dollar handed back some gains in early European trading Wednesday as bond yields edged off high, but remained in demand as fiscal stimulus and an aggressive vaccine rollout are seen prompting a strong U.S. economic recovery. 




Instrument: OILs

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 64.86 with take profit at 65.08.

Bearish Preference: Sell position is envisaged if price trades below 64.01 with take profit at 63.74.

Fundamentals:

Crude Oil Inventories (US) 3:30 PM

Comment: Oil was up Wednesday morning in Asia, paring back losses from the previous session ahead of an Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting that will determine production levels for May. Saudi Arabia, the second-largest oil producer globally, is also reportedly prepared to back an extension of the supply cuts into June, inclusive of its own voluntary cut. 

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