Morning Insights 27th April

Simon Alagbe

Analyst


Instrument: AUDUSD

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 0.77998 with take profit at 0.78097.

Bearish Preference: Sell position is envisaged if price trades below 0.77761 with take profit at 0.77629.

Fundamentals:   

CB Consumer Confidence (US) 3:00 PM

Comment: The Aussie has been firm as the concerted effort by the government to control the spread of the dreaded COVID virus within its territory has yielded positive result. The dollar edged higher in early European trading Tuesday but remained near a multi-week low ahead of the start of the Federal Reserve's two-day policy decision meeting. Attention now turns to the Federal Reserve’s two-day policy-setting meeting, concluding on Wednesday, where the policy rate is expected to be kept constant.



Instrument: OILs

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 65.77 with take profit at 66.12.

Bearish Preference: Sell position is envisaged if price trades below 65.20 with take profit at 64.82.

Fundamentals:

OPEC-JMMC Meetings (Tentative)

Comment: Oil rebounded after major oil producers stood by their demand forecasts, but there are still downside risks because of surging COVID-19 cases in India, the world's third-biggest oil importer. The global economy is likely to continue to strengthen and many advanced economies are heading for a reopening due to progress in vaccinations.

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