Morning Insights 28th April

Simon Alagbe

Analyst

Instrument: GBPUSD

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 1.38970 with take profit at 1.39091.

Bearish Preference: Sell position is envisaged if price trades below 1.38523 with take profit at 1.38323.

Fundamentals:   

FOMC Statement (US) 7:00 PM

Comment: The dollar was up on Wednesday morning in Asia ahead of the U.S. Federal Reserve’s latest policy decision and U.S. President Joe Biden’s address in front of a joint session of Congress, both due to take place later in the day.


Instrument: OILs

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 66.23 with take profit at 66.44.

Bearish Preference: Sell position is envisaged if price trades below 65.56 with take profit at 65.29.

Fundamentals:

Crude Oil Inventories (US) 3:30 PM

Comment: Oil was down Wednesday morning in Asia, as investors digested an Organization of the Petroleum Exporting Countries and its allies (OPEC+) decision to increase crude oil supply. The cartel’s decision comes as the surge of COVID-19 cases in countries including India continues to cast a shadow over fuel demand.

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