Bullish Preference: Buy position is envisaged if price trades above 1.38807 with take profit at 1.39034.
Bearish Preference: Sell position is envisaged if price trades below 1.38246 with take profit at 1.38099.
No major fundamental.
Comment: The dollar was up on Monday morning in Asia but remained near a one-month low as Treasury yields hovered near their lowest levels in five weeks after the U.S. Federal Reserve reiterated its view that any spike in inflation will be temporary. The U.S. Dollar Index has recently attempted to get to the test of the nearest resistance level at the 50 EMA at 91.80 but failed to develop sufficient upside momentum and pulled back closer to the support at 91.50. A successful test of this support level will push the U.S. Dollar Index towards the next support at 91.30 which will be bullish for GBP/USD.
Bullish Preference: Buy position is envisaged if price trades above 34051 with take profit at 34108.
Bearish Preference: Sell position is envisaged if price trades below 33940 with take profit at 33874.
No major Fundamental
Comment: U.S. stock index futures were mixed in early morning trading on Monday, after the S&P 500 and Dow Jones Industrial Average closed at record highs on Friday. Futures contracts tied to the Dow slid 80 points while S&P 500 futures traded below the flatline. Nasdaq 100 futures traded in mildly positive territory. Stocks are coming off a week of grains as earnings topped estimates and strong economic data lifted the major averages. The S&P and Dow advanced 1.38% and 1.18% last week respectively for their fourth straight week of gains, while the Nasdaq Composite posted its third positive week in a row.
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