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Range Bound Trading Can be Observed in Markets

By Research Team Monday, Jun 20, 2022
EUR/USD

    • 2.25pmD1
    • High1.05459
    • Low1.04852
    • Close1.05328

EUR/USD is trading at 1.05270, 0.11% up since previous day close. The EURO turned slightly higher against the steady USD as traders remain cautious over upcoming Fed Powell’s speech later in this week. The mixed market sentiments over global recession made the currencies to erase earlier gains in major currencies to some extent. The ECB’s chances raising interest rate in the next meeting led a weakness in global currencies. On data front, the Euro-zone Industrial Production grew by just 0.4% lower than expectation 0.5% & the Trade Balance deficit dropped to 31.7B from 17.8B in the prior month. As seen in the chart, the EUR/USD reversed upside after forming double bottom & hence, slight buying bias may be seen further.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.07125
R2 1.06051
R1 1.05507
Turnaround 1.04977
S1 1.04433
S2 1.03903
S3 1.02829
By Research Team Monday, Jun 20, 2022
WTI OIL

    • 3.05pmD1
    • High109.16
    • Low106.8
    • Close108.3

WTI Oil is trading at $108.11, 0.08% down since previous day close. The downside persisted in Oil prices as higher interest rates in major economies reduce the consumption demand of Oil & other energy products. Earlier, the prices retreated post release of Energy Information administration (EIA) report which showed a build-up in oil inventory level by 2.0 mbpd against the expected fall of 2.3mbpd. On Wednesday, the API report showed a rise in Oil stocks level by 0.73 mbpd against the expected fall of 1.20 mbpd. As seen in the chart, the Oil crossed down the short term Moving Averages of MA (10) & MA (20) & is trading near MA (100) which signals for make or break situation on daily basis.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 130.79000
R2 120.63000
R1 114.54000
Turnaround 110.47000
S1 104.38000
S2 100.31000
S3 90.15000
By Research Team Monday, Jun 20, 2022
CHNIND

    • 2.42pmD1
    • High7357
    • Low7203
    • Close7340

CHNIND is trading at 7348, 0.03% up since previous day close. The Chinese shares turned slightly higher following the other global markets as positive sentiments emerges amongst traders ahead of U.S Fed Powell’s speech which is due later in this week. Earlier, the indices slid down as markets are worried about global recession which could slow down the economic growth. Globally, the rising inflationary concern, ongoing Russia- Ukraine conflicts & Fed’s aggressive approach makes indices to trade into volatile zone. The result of PMI figures will remain in focus in the next week. As seen in the chart, the index is hovering near short term Moving Averages & hence, either side breakout can be seen for the day in CHNIND.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 7905.00000
R2 7601.00000
R1 7441.00000
Turnaround 7297.00000
S1 7137.00000
S2 6993.00000
S3 6689.00000
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