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Indices Dips Amid Worsening Covid-19 Fear, Disappointing Fed Powell's Speech & Gold Prices Inches Up

By Research Team Friday, Nov 13, 2020
FOREX

EUR/JPY

    • 9.10am ISTD1
    • High124.117
    • Low123.79300
    • Close123.854

EUR/JPY is trading at 123.891, 0.08% down since Thursday. The EUR/JPY slid down for consecutive fifth trading session amid firm USD over rising number of Covid-19 cases; crossing 100000 mark for an eight day. This outweighed the optimism which hovered over new U.S stimulus aid & the expectations towards Covid-19 vaccine trials. On data front, the Euro-zone ZEW Economic Sentiment fell to 32.8 from 52.3 in the previous month & the Japan’s PPI Core Machinery Orders fell by 4.4% weaker than the expectation -1.1%. The winning of Biden over U.S Presidency turned supportive for EUR/JPY earlier. As seen in the chart, the pair contracted till MA (10) & MA (20) indicating a breakdown or a reversal if sustained.

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Morning Outlook

EUR/JPY

Intra Day
Near Day

Technical Levels

R3 125.72700
R2 124.91100
R1 124.50200
Turnaround 124.09400
S1 123.68500
S2 123.27700
S3 122.45900
By Research Team Friday, Nov 13, 2020
COMMODITY

Natural Gas

    • 9.45am ISTD1
    • High3.067
    • Low3.05
    • Close3.059

Natural Gas is trading at $3.059, 0.01% down since previous close. The firm momentum can be seen in Natural Gas prices ahead of the result of Energy Information Administration (EIA) report wherein a shortfall of 3B of Natural Gas inventory level is expected against the previous figure of -36B. Earlier in a week, the prices moved upside due to rising hopes towards U.S fiscal stimulus aid, progressive development over Covid-19 vaccine trails & the winning of Joe Biden over U.S Presidency. However, the worsening Covid-19 fear limits the consumption demand of fuel. As seen in the chart, the Natural gas is trading near MA (10) & MA (20) indicating the make or break situation on daily basis.

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Morning Outlook

Natural Gas

Intra Day
Near Day

Technical Levels

R3 3.30500
R2 3.19100
R1 3.11700
Turnaround 3.07700
S1 3.00300
S2 2.96300
S3 2.84900
By Research Team Friday, Nov 13, 2020
INDICES

INDIA50

    • 9.30am ISTD1
    • High12655
    • Low12607
    • Close12654

INDIA50 is trading at 12638, 0.27% down since previous day close. The INDIA50 slid down for second straight session as hopes for U.S stimulus aid & Covid-19 vaccine testing fades away and the worries over rising Covid-19 infection holds the ground. On Thursday, an Indian Finance Minister announced few schemes under Atmanirbhar Bharat 3.0 phase which slightly supported SGX Nifty. Earlier in a week, the INDIA50 formed record high levels which hints a correction momentum in future course of time. The disappointing U.S Fed Powell speech on Thursday further weakened the indices. Slight selling pressure may be recommended in INDIA50 with a next correction level of Fibo level 23.6 i.e. 12497.

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Morning Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 13010.00000
R2 12837.00000
R1 12733.00000
Turnaround 12664.00000
S1 12560.00000
S2 12494.00000
S3 12318.00000
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