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Indices Surges Up Against Soft USD, Precious Metals Shines & Awaiting for Yellen Speech

By Research Team Tuesday, Apr 6, 2021
AUD/USD

    • 2.52pm ISTD1
    • High0.76606
    • Low0.76067
    • Close0.76132

AUD/USD is trading at 0.76285, 0.16% up since Monday. The soft USD amid falling U.S bond yields & growing optimism over global economic recovery turned out to be supportive for other currencies. The Reserve Bank of Australia (RBA) left an interest rate steady at 0.10% as expected which further cushioned the AUD/USD. The Caixin Services PMI climbed to 54.3 from 51.5 in the previous month which remained positive for antipodean; since Australia & China are the trading partners. Globally, the chances of passing U.S Biden’s new infrastructural bill & progressive distribution of Covid vaccine remain vital for currencies. Slight buying bias may be established in AUD/USD since the pair may crossover the MA (10) & MA (20) on higher side.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.77604
R2 0.76985
R1 0.76747
Turnaround 0.76366
S1 0.76128
S2 0.75747
S3 0.75128
By Research Team Tuesday, Apr 6, 2021
SILVER

    • 3.25pm ISTD1
    • High25.191
    • Low24.767
    • Close24.914

Silver is trading at $24.910, 0.06% up since previous day close. The precious metals inches up since last few trading sessions as major selling seems to be ending up & investors turns bullish over riskier assets. The rising Covid-19 cases, soft USD & falling U.S bond yields remains supportive for Silver prices. Also, the China released better than expected Caixin Services PMI data which pushes up the prices since China is a major consumer of metals. The focus will remain on the result of U.S FOMC Meeting Minutes which is to be issued on Wednesday. As seen in the chart, the Silver took a strong support of previous lows & reversed upside which indicates the beginning of buying momentum on short to medium term basis.

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Daily Outlook

Silver

Intra Day
Near Day

Technical Levels

R3 25.80000
R2 25.33000
R1 25.10000
Turnaround 24.85000
S1 24.63000
S2 24.32800
S3 23.91000
By Research Team Tuesday, Apr 6, 2021
US30

    • 3.08pm ISTD1
    • High33452
    • Low33294
    • Close33380

US30 is trading at 33366, 0.61% up since Monday. The U.S markets formed record high levels in beginning of the week amid the growing optimism over U.S economic recovery & chances of approving U.S President Biden’s new fiscal stimulus aid. On Friday, the U.S issued upbeat Non-farm Payroll data which rose by 916K from 468K in the previous month which further contributed the bullishness in US30. Also, the U.S Final Services PMI increased to 60.4 against 60.3 as expected. The result of FOMC Meeting Minutes & Treasury Secretary Yellen speech will remain into focus for the week. As seen in the chart, the index is trading in a bullish channel pattern & the RSI line is hovering near resistance level 70 & hence, buying on dips may be recommended for the day.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 34054.00000
R2 33708.00000
R1 33565.00000
Turnaround 33362.00000
S1 33219.00000
S2 33016.00000
S3 32670.00000
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