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Asian Shares Shows Mixed Momentum, Strong Chinese Inflation Data & Steady US Dollar Index

By Research Team Wednesday, Nov 10, 2021
CHNIND

    • 12.28pm ISTD1
    • High8892
    • Low8666
    • Close8894

CHNIND is trading at 8794, 0.02% down since previous day close. The slight profit booking can be seen in Chinese shares on Wednesday as market remains cautious to the result of U.S inflation data which will contribute in Fed’s future monetary decision. However, the index may remain bullish day later since China posted better than expected inflation data. The CPI rate grew by 1.5% from 0.7% in the previous month & the PPI rate increased by 13.5% against expectation 12.2%. On weekend, the China posted upbeat Trade Balance data with a rise in surplus by 546B against the expectation 386B. As seen in the chart, the index is almost forming Head & Shoulder pattern & a reversal can be noticed further. Wait & watch strategy may be recommended on daily basis.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 9087.67000
R2 8944.67000
R1 8856.66000
Turnaround 8801.67000
S1 8713.33000
S2 8658.88000
S3 8515.67000
By Research Team Wednesday, Nov 10, 2021
EUR/USD

    • 12.10pm ISTD1
    • High1.15953
    • Low1.15702
    • Close1.15712

EUR/USD is trading at 1.15780, 0.03% up since previous day close. The EURO seems to be trading sideways as traders waits for the result of U.S key inflation data today; since it will contribute Fed’s future monetary decisions. The Euro-zone ZEW Economic Sentiment climbed to 25.9 from 21.0 in the previous month & the Sentix Investor Confidence rose to 18.3 as against the expectation 14.9. These cushioned the pair EUR/USD to some extent. Globally, the tapering down of U.S stimulus package remained slightly bullish for currencies as well. As seen in the chart, the pair is trading near the previous support level which signals for slight buying bias on the lower levels.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.16685
R2 1.16294
R1 1.16110
Turnaround 1.15903
S1 1.15719
S2 1.15512
S3 1.15121
By Research Team Wednesday, Nov 10, 2021
NATURAL GAS

    • 12.45pm ISTD1
    • High5.403
    • Low4.902
    • Close4.964

Natural Gas is trading at $4.964, 0.17% down since previous day close. The Natural gas prices slid down as corrective phase was due post rally seen in the last month. The recent Energy Information Administration (EIA) report showed a drop-down in Natural gas inventory level leading to 63B from 87B in the previous week. This turned out to be slightly bullish for the prices last week. Besides this, the recovery at global level & change in climatic conditions made the Natural gas expensive earlier. As seen in the chart, the commodity is trading near major support level of previous lows & is expected to form triple bottoms. A strong or a breakdown can be noticed on daily basis.

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Daily Outlook

NATURAL GAS

Intra Day
Near Day

Technical Levels

R3 6.09100
R2 5.59100
R1 5.27700
Turnaround 5.09000
S1 4.77600
S2 4.58900
S3 4.08700
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