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Upbeat Chinese Retail Sales Data, Indices Trades in Green & Range bound Currencies

By Research Team Monday, Nov 15, 2021
CHNIND

    • 9.30am ISTD1
    • High9156
    • Low9015
    • Close9037

CHNIND is trading at 9036, 0.01% up since previous day close. The Chinese shares rose on Monday post release upbeat economic data. The Retail Sales grew by 4.9% from 4.4% in the previous month & the Industrial Production rose by 3.5% against the expectation 3.0%. This indicates a progress in manufacturing & industrial activities. Last week, the uncertain U.S interest rate decision & tapering down steps remained crucial for major indices. The market will be looking forward to the result of Foreign Direct Investment data which is to be issued Tuesday. As seen in the chart, the index took a support of previous lows which acts as an important level & hence, strong buying may be recommended in CHNIND if upside prevails further.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 9360.67000
R2 9243.67000
R1 9190.33000
Turnaround 9126.60000
S1 9073.33000
S2 9009.67000
S3 8892.67000
By Research Team Monday, Nov 15, 2021
USD/CAD

    • 9.10am ISTD1
    • High1.25558
    • Low1.25346
    • Close1.25356

USD/CAD is trading at 1.25364, 0.13% down since previous day close. The Canadian Dollar slid down following the decline in Oil Prices since they both are directly correlated. Earlier, the country showed no major improvement in labor data which restricted the momentum in USD/CAD. Besides this, the strong USD amid tapering down of U.S stimulus package & mounting inflation rate across the globe makes other counterpart currencies weaker. The outcome of Manufacturing Sales & Wholesale Sales data will remain into focus for the day. As seen in the chart, the pair formed double support at previous lows & hence, further selling may be recommended in CAD against the USD for the day.

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Daily Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.26926
R2 1.26291
R1 1.25902
Turnaround 1.25656
S1 1.25267
S2 1.25021
S3 1.24386
By Research Team Monday, Nov 15, 2021
GOLD

    • 9.45am ISTD1
    • High1866.09
    • Low1856.56
    • Close1857.37

Gold is trading at $1857.62, 0.01% down since previous day close. The slight profit-booking can be seen in Gold prices on Monday after rallying to recent highs of $1860 levels last week. The strong USD amid U.S stimulus tapering down decision & rising inflation concern remained slightly bearish for precious metals. However, the bullish momentum may remain intact on long run. The recovery at global level from Covid-19 phase & the resuming manufacturing & industrial activities at full capacity remains widely supportive for commodities. Buying on corrective dips may be recommended in Gold since the commodity crossed major resistance level of $1830 levels.

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Daily Outlook

Gold

Intra Day
Near Day

Technical Levels

R3 1906.26000
R2 1882.23000
R1 1873.57000
Turnaround 1859.40000
S1 1850.14000
S2 1835.97000
S3 1812.54000
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