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Indices Trades Mixed & Oil Soars Down Amid Global Cues

By Research Team Friday, Mar 24, 2023
EUR/USD

    • 9.20amd1
    • High1.08351
    • Low1.08172
    • Close1.08297

EUR/USD is trading at 1.08228, 0.06% up since previous day close. The flat to higher side trading can be noticed in EURO in early trade on Thursday as investors waits for the Euro-zone PMI figures today. The Euro-zone Consumer Confidence fell to 19 against the expected fall of 18 which slightly weakened the pair EUR/USD. Globally, the FOMC hiked its interest rate by 25 bps as expected whereas hinted to continue with cautious approach further in order to ease down inflation rate. As seen in the chart, the pair EUR/USD successfully crossed over the MA (100) & short-term Moving Averages. Also, the ADX line started moving above the crucial level of 25 indicating the buying bias may be maintained in the pair for the day.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.10723
R2 1.09676
R1 1.09011
Turnaround 1.08629
S1 1.07964
S2 1.07582
S3 1.06535
By Research Team Friday, Mar 24, 2023
FRA40

    • 9.42amd1
    • High7165
    • Low7049
    • Close7107

FRA40 is trading at 7107, 0.06% down since previous day close. The downside can be seen in FRA40 on Thursday amid mixed stance from U.S Treasury Secretary Janet Yellen over taking measures towards banking crisis & deposits led traders more susceptible over global growth & hence, equities dragged down since last session. On Wednesday after Fed hiked an interest rate by 25bps leading to 5.00% from 4.75% but hinted for further more rate hikes in order to control down inflation rate which cushioned the indices. The result of French PMI figures will be closely monitored for the day. As seen in the chart, the index successfully is hovering near short-term MA (10) & MA (20) & hence, buying on dips may be recommended on an intraday basis.

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Daily Outlook

FRA40

Intra Day
Near Day

Technical Levels

R3 7339.00000
R2 7223.00000
R1 7165.00000
Turnaround 7107.00000
S1 7049.00000
S2 6991.00000
S3 6875.00000
By Research Team Friday, Mar 24, 2023
SILVER

    • 9.58amd1
    • High23.119
    • Low23.001
    • Close23.084

Silver is trading at $23.083, 0.13% up since previous close. The precious metals surge up against the steady USD as U.S Treasury Secretary Janet Yellen showed mixed statements for measures over deposits in Signature & SVB banks. Earlier, the USD slid down to seven-month lows as Fed hiked an interest rate by 25bps leading to 5.00% from 4.75%; though hinting for more rate hikes in near future led buying pressure in Silver. Improving Chinese economic conditions may turn up positive for Silver since China is a major consumer of metals. The result of U.S PMI figures will remain vital for USD & precious metals. Buying bias may be initiated in Silver as the commodity is expected to trade above the Fibo level 23.6 on daily basis.

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Daily Outlook

SILVER

Intra Day
Near Day

Technical Levels

R3 23.93000
R2 23.47100
R1 23.25600
Turnaround 23.00500
S1 22.79000
S2 22.53900
S3 22.07300
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