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Oil Prices Slumps & Indices Trades Sideways Amid Rising Tech Rout Between U.S & China

By Research Team Friday, Nov 17, 2023
AUD/USD

    • 9.53amd1
    • High0.65165
    • Low0.64605
    • Close0.64688

AUD/USD is trading at 0.64677, 0.03% down since previous day close. The growing fear over tech rout between U.S & China made the Aussie slightly weaker since Australia is one of the major trading partners of China. Earlier in this week, the stimulus aid offered by Chinese PBoC boosted up the global sentiments & hence, the pair AUD/USD moved on higher side. On data front, the number of employed people in Australia grew by 55.0K from 7.8K while the Unemployment Rate rose to 3.7% from 3.6%. As seen in the chart, the pair is trading within the range of MA (100) & MA (200) which acts as a crucial zone. Wait & watch strategy may be recommended for the day in AUD/USD.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.65939
R2 0.65379
R1 0.65034
Turnaround 0.64810
S1 0.64474
S2 0.64259
S3 0.63699
By Research Team Friday, Nov 17, 2023
US30

    • 10.13amw1
    • High35070
    • Low35023
    • Close35052

US30 is trading at 35059, 0.12% up since previous day close. The slight retracement can be seen in U.S markets in early trade on Friday after global sentiments weakens on rising tech rout between U.S & China. Earlier, the US30 traded on positive note after U.S issued less weak CPI data; indicating the chances of less hawkish Fed monetary stance. The Chinese move of injecting liquidity into the financial system turned out to be supportive for US30. Ongoing geopolitical tension between Israel & Hamas remains vital for global indices. The soft U.S Jobless Claims data slightly subdued the markets. As seen in the weekly chart, an index is firmly trading above the major Moving Averages & hence, the corrective dips may be considered as a good buying opportunity.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 35424.00000
R2 35211.00000
R1 35120.00000
Turnaround 34998.00000
S1 34907.00000
S2 34785.00000
S3 34572.00000
By Research Team Friday, Nov 17, 2023
OIL

    • 10.35amd1
    • High73.37
    • Low72.89
    • Close73.11

WTI Oil is trading at $73.14, 0.19% down since previous day close. The Oil prices retreated with heavy trading volume after U.S Energy Information Administration (EIA) report showed a rise in Crude Oil inventory levels by 13.9 mbpd against the previous reading of 0.8 mbpd. This overshadowed the positive effect emerging out of weaker U.S CPI data which can restrict Fed’s hawkish stance in near future. The Saudi Arabia & Russia’s oil output cut plan & escalating tension between Hamas & Israel may remain vital for Oil prices. The U.S is to issue Bake Hughes report which will be closely monitored. Selling bias may be initiated for the day in WTI Oil as the commodity is trading below all the Moving Averages.

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 82.93000
R2 78.46000
R1 75.83000
Turnaround 73.99000
S1 71.36000
S2 69.52000
S3 65.05000
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