Iraq, a major member of OPEC, expects the oil price to soon hit $ 75 a barrel. The main reason is the increase in demand after the easing of corona-related restrictions on travel. Oil consumption is slated to rise by approximately 5 million barrels per day i.e. an increase of almost 5 %. Oil production is expected to be back to pre-corona times soon.

Week ahead:

USD

On Wednesday, the interest rate decision will be released. The expected rate is 0.25 %. If the actual rate is more than 0.25 %, we expect the USD to appreciate.

AUD

On Thursday, the unemployment rate will be released. The current rate is 5.5 %. If the actual value is less than 5.5 %, we expect the AUD to appreciate.

GBP

On Tuesday, the unemployment rate will be released. The current rate is 4.7 %. If the actual value is less than 4.7%, we expect the GBP to appreciate.

US Indices

DOW – The price seems to be respecting the support level at 34400. It is possible that the price could soon push towards 35000.

Gold & Silver:

Overall there is a bearish sentiment for metals. Chances are high that the silver price could reach 27.32 in the coming week.

Setups for this week:

SILVER(XAGUSD)

Primary View:

1. The immediate resistances are near 28.2315 and 28.5096

2. The immediate supports are near 27.067 and 27.321

3. Current price seems good for potential sellers

4. Entry on pullback is also possible by keeping the stoploss above 28.2315

5. Targets could be 27.067 and 27.321

Alternative View:

If the price moves above 28.5096, we may see further upside

EURUSD

Primary View:

1. The immediate resistances are near 1.21555 and 1.21873

2. The immediate supports are near 1.20734 and 1.2046

3. Current price seems good for potential sellers

4. Entry on pullback is also possible by keeping the stoploss above 1.21555

5. Targets could be 1.20734 and 1.2046

Alternative View:

If the price moves above 1.21873, we may see further upside

USDJPY

Primary View:

1. The immediate resistances are near 110.16 and 110.555

2. The immediate support is near 109.148

3. Current price seems good for potential buyers

4. Entry on pullback is also possible by keeping the stoploss below 109.148

5. Targets could be 110.16 and 110.555

Alternative View:

If the price moves below 109.148, we may see further downside

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About Author

Mithun Girishan is the founder of MMM (Mithun’s Money Market), a consulting firm providing quality training programs in capital markets. He is an investor, trader, coach and a continuous learner. In addition, Mithun provides consultation and mentorship to many retail investors and company directors across the globe for investments, trading and hedging their wealth in stocks and futures. His passion lies in exploring new avenues in financial markets as well as learning theoretical and practical economics and its application in daily lives. This has exposed him to a wide range of markets spanning from equity, commodity, forex, futures to options.

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