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Markets Recovered Amid Reducing Inflationary Concerns

By Research Team Friday, Jun 24, 2022
EUR/USD

    • 9.30amD1
    • High1.05385
    • Low1.05121
    • Close1.05365

EUR/USD is trading at 1.05350, 0.06% up since previous day close. The stringent to curb rising inflation rate in U.S & other parts of the world dragged down the commodities prices; which is turn pushed up equities & currencies. Earlier, the hawkish Fed Powell’s speech which began from Wednesday led USD stronger & other currencies weaker. The Euro-zone issued weaker than expected PMI figures which failed to show any negative effect on the pair EUR/USD. The traders will be eying German IFO Business Climate data on Friday. As seen in the chart, the pair reversed upside after forming double bottom& is on the verge of crossing over short term MA (10) & MA (20). This indicates the chances of further buying if breach the level.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.07245
R2 1.06262
R1 1.05729
Turnaround 1.05279
S1 1.04746
S2 1.04296
S3 1.03313
By Research Team Friday, Jun 24, 2022
NATURAL GAS

    • 10.15amD1
    • High6.315
    • Low6.209
    • Close6.269

Natural Gas is trading at $6.281, 0.13% down since previous day close. The Natural gas prices slid down post release of Energy Information Administration (EIA) report which showed a rise in Natural gas inventory levels by 74B higher than expected build-up of 63B. This indicates more supplies against the steady demand. Also, the reducing inflationary pressure made energy products like Oil & natural gas less expensive. The change in climatic conditions in U.S & European regions further reduces the consumption demand of heating fuels like Natural gas. As seen in the chart, the commodity is trading near major support level & hence, a strong breakdown can be seen if breaches the same.

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Daily Outlook

NATURAL GAS

Intra Day
Near Day

Technical Levels

R3 7.67500
R2 7.06100
R1 6.65800
Turnaround 6.44600
S1 6.04300
S2 5.83100
S3 5.21500
By Research Team Friday, Jun 24, 2022
US30

    • 9.54amW1
    • High30865
    • Low30537
    • Close30852

US30 is trading at 30759, 0.12% up since previous day close. The U.S markets surges up on Friday after optimism holds the ground over reducing inflationary pressure & lowering energy & commodity prices. Earlier, the US30 weakened moderately after U.S Fed Powell’s testifying speech showed the chances of interest rate hike by 75bps in the next meeting. On data front, the U.S revealed weaker than expected Manufacturing & Services PMI figures which failed to create any major impact on U.S markets. The result of New Home Sales data will be monitored today. As seen in the chart, the index is trading near major Fibo level of 61.8 which acts as a major support level & hence, reversal is expected in US30 if sustains the level with high trading volumes.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 31406.00000
R2 30954.00000
R1 30757.00000
Turnaround 30502.00000
S1 30305.00000
S2 30050.00000
S3 29598.00000
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