Analyst
Bullish Preference: Buy position is envisaged if price trades above 63.39 with take profit at 64.24.
Bearish Preference: Sell position is envisaged if price trades below 61.99 with take profit at 61.19.
No major economic data with bearing on the commodity
Comment: Oil prices rose on Tuesday as investors looked for bargains following the previous day's plunge of more than 4% on rising output from OPEC+ while strong economic data from the United States and China brightened recovery prospects. Late last week the Organization of Petroleum Exporting Countries and its allies, a grouping known as OPEC+, announced it was bringing back 350,000 barrels per day of supply in May, another 350,000 barrels in June and a further 400,000 barrels in July.
Bullish Preference: Buy position is envisaged if price trades above 1.18270 with take profit at 1.18398.
Bearish Preference: Sell position is envisaged if price trades below 1.18074 with take profit at 1.17952.
No major economic data with a bearing on the pair
Comment: The dollar fell sharply against its rival Monday, paced by declining U.S. bond yields, but the pullback could be short-lived as the expected rise in rates has forced some on Wall Street to ease their bearish bets on the greenback. European stock markets are seen opening mixed Tuesday, as investors digest signs of strong global growth while the region attempts to ramp up its Covid-19 vaccination program. Germany, the largest country in the European Union, has been forced into a fresh lockdown to combat a rise in infections as it has lagged the likes of Britain and the United States in the pace of vaccinations.
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Adefuwa Ayodele