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Upcoming Fed Meet & NFP Data Weighs Down the Market Sentiments

By Research Team Monday, May 2, 2022
AUD/USD

    • 10.30amW1
    • High0.70818
    • Low0.70326
    • Close0.70434

AUD/USD is trading at 0.70474, 0.09% down since previous day close. The stronger USD ahead of the FOMC meeting which is to be begin on May 03 turned out to weaker for other basket of currencies. The Fed is expected to adopt aggressive rate hike stance in the meeting which led up negative sentiments in the market. On data front, the Australia’s ANZ Job Advertisements fell by 0.5% against the previous figure 0.7% which further suppresses Aussie. Ongoing Russia-Ukraine talks will remain vital for currencies. As seen in the chart, the pair AUD/USD seems to be trading downside testing the cluster support of previous lows. This acts as a crucial level & hence, breakdown can be seen if breached otherwise a reversal can be noticed if sustained.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.73415
R2 0.72205
R1 0.71403
Turnaround 0.70995
S1 0.70193
S2 0.69785
S3 0.68575
By Research Team Monday, May 2, 2022
GOLD

    • 11.05amW1
    • High1899.96
    • Low1882.67
    • Close1886.26

Gold is trading at $1883.32, 0.31% down since previous day close. The rising bond yields & strengthening USD ahead of the FOMC meeting which is concluded on Wednesday with the possible rate hike decision of 50 bps. Moreover, the mounting Covid-19 cases in China lowered down the consumption demand of metals & gold since China is a leading consumer of commodities. The result of U.S NFP data will remain in focus for the week. As seen in the chart, although the commodity is still trading within the bullish channel pattern yet it lowered down from major resistance level & is hovering near MA (20). This indicates the chances of breakdown if breached or a reversal if sustained.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1954.04000
R2 1928.67000
R1 1912.12000
Turnaround 1903.30000
S1 1886.75000
S2 1877.93000
S3 1852.96000
By Research Team Monday, May 2, 2022
US100

    • 10.45amW1
    • High12968.31
    • Low12839.71
    • Close12952.25

US100 is trading at 12944, 0.21% down since previous day close. The global shares slid down on Monday as traders waits for the outcome of FOMC meeting with the chances of interest rate hike by 50 bps in order to curtail inflationary pressure. Last week, the US100 traded slightly positive after upbeat corporate earnings emerged positive sentiments amongst the traders & investors. The Russia warned to cut gas supplies to Poland & Bulgaria which grew conflicts between Europe & Russia. This led to heavy selling pressure in overall equity markets. The result of ISM Manufacturing PMI will remain in focus for the day. As seen in the weekly chart, the index is trading near major Fibo level 61.8 which indicates the chances of make or break situation on short term basis.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 14240.00000
R2 13639.00000
R1 13245.00000
Turnaround 13038.00000
S1 12644.00000
S2 12437.00000
S3 11836.00000
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