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By Research Team Monday, Jan 23, 2023
EUR/USD

    • 9.10amw1
    • High1.0903
    • Low1.08642
    • Close1.80918

EUR/USD is trading at 1.08989, 0.11% up since previous day close. The EURO appreciated widely on Monday after ECB Chief Lagarde hinted for aggressive rate hikes by almost 50 bps in next two ECB meetings. These weakened the USD & also, the higher chances of smaller rate hikes in forthcoming FOMC meeting led the buying pressure in major currencies. Besides this, improving Chinese economic conditions may remain bullish other currencies. Last week, the Euro-zone issues better economic data while the focus will be on Consumer Confidence data today. As seen in the chart, the pair slid down almost crossed over the major Fibo level of 61.8 which indicates a strong breakout if sustained above the level. Buying on dips may be recommended for the day in EUR/USD

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.09517
R2 1.08954
R1 1.08758
Turnaround 1.08391
S1 1.08195
S2 1.07828
S3 1.07265
By Research Team Monday, Jan 23, 2023
US30

    • 9.32amw1
    • High33462
    • Low33414
    • Close33450

US30 is trading at 33447.3, 0.04% up since previous close. The steady trading can be noticed in US30 amid mixed global cues. Recently, the ECB Chief hinted for aggressive rate hikes in the next meeting which dragged down the USD & cushioned the U.S markets to some extent. The mixed view over chances of smaller interest rate hikes in near future in Fed’s meeting emerged range bound trading in US30. Earlier, the steady corporate earnings figures & weaker U.S Retail Sales data led selling pressure in US30. Otherwise, the outcome of Jobless Claims showed a progress in labor sector wherein the number of unemployed people dropped to 190K from 205K in the previous week. Wait & watch strategy may be build up for the day in US30.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 34229
R2 33779
R1 33628
Turnaround 33329
S1 33178
S2 32879
S3 32429
By Research Team Monday, Jan 23, 2023
WTI OIL

    • 9.58amw1
    • High81.5
    • Low81.11
    • Close81.29

WTI Oil is trading at $81.34, 0.02% up since previous day close. The Oil prices slid down in early trade on Monday as liquidity seems to be thinning up as Chinese markets are shut for the week on account of Lunar New Year holidays. The U.S Baker Hughes report showed a fall in Oil rig counts by 10 leading to 613 from 623 in the previous week which failed to create any major impact on Oil prices. Last week, the U.S issued weaker than expected Retail Sales data which weakened the market sentiments. Globally, the soft USD on an account of rising chances of smaller rate hikes in Fed’s next meeting led buying bias in Crude Oil. Sideways trading may be recommended for the day in WTI Oil.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 85.23
R2 83.22
R1 82.52
Turnaround 81.21
S1 80.51
S2 79.2
S3 77.19
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