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Hawkish Fed Powell's Stance Capped the Gains in Indices

By Research Team Thursday, Jun 23, 2022
AUD/USD

    • 9.08amD1
    • High0.69205
    • Low0.68829
    • Close0.68915

AUD/USD is trading at 0.68939, 0.12% down since previous day close. The Aussie turned lower after PMI figures showed mixed results; for Manufacturing PMI remained almost steady at 55.8 while Services PMI fell down to 52.6 from 53.2 in the previous month. Also, the hawkish FOMC Jerome Powell with a hint of raising rates by 75bps in the next meeting led selling bias in the pair AUD/USD. The fear over global recession as major Central Banks started raising their interest rates remains vital for currency market. As seen in the chart, the pair is trading near major support of previous lows; forming cluster support & hence, the cautious trading may be recommended for the day.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.70760
R2 0.69959
R1 0.69504
Turnaround 0.69158
S1 0.68703
S2 0.68350
S3 0.67556
By Research Team Thursday, Jun 23, 2022
GOLD

    • 9.48amD1
    • High1838.71
    • Low1832.42
    • Close1832.5

Gold is trading at $1834.75, 0.01% up since previous day close. The tight range can be seen in precious metals against mixed USD as FOMC Chair Powell’s hinted for further rate hikes in near future in order to control inflation. Also, the lowering commodities demand led selling in precious metals as well. Last week, the precious metals remains slightly sluggish post FOMC meeting wherein an interest rate was hiked by 75bps higher than expectation which strengthened the USD. The result of U.S PMI figures & ongoing Fed Powell’s speech will remain a key concern for Gold. As seen in the chart, the Gold is trading lower trend-line of channel pattern which indicates make or break situation on short term basis.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1884.85000
R2 1860.40000
R1 1848.49000
Turnaround 1835.95000
S1 1824.04000
S2 1811.50000
S3 1787.80000
By Research Team Thursday, Jun 23, 2022
FRA40

    • 9.30amD1
    • High5928
    • Low5820
    • Close5879

FRA40 is trading at 5879, 0.02% up since previous day close. The slight upside can be seen in European indices at a close on Wednesday; following the global peers. The FOMC Powell’s speech which began on Wednesday showed a likelihood of rate hike by 75bps in the next meeting. Last week, the ECB left its interest rate steady as expected; however hinted for rate hike in the near future in order to tame down inflation rate. Ongoing Russia- Ukraine conflicts & volatile Oil Prices will remain significant for equity markets. The market will be eyeing the result of country’s PMI figures today. As seen in the chart, the index is trading near double bottom which acts as a major support level & hence, make or break situation may be suggested further.

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Daily Outlook

FRA40

Intra Day
Near Day

Technical Levels

R3 6170.67000
R2 6063.67000
R1 5999.33000
Turnaround 5956.60000
S1 5892.23000
S2 5849.33000
S3 5742.67000
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