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Indices Plunges Down on Fear of Global Recession

By Research Team Monday, May 9, 2022
EUR/USD

    • 11.12amM1
    • High1.05354
    • Low1.05024
    • Close1.051

EUR/USD is trading at 1.05151, 0.19% down since previous day close. The stronger USD amid Fed rate hike decision last week turned out to be suppressive for other counterpart currencies. Also, the lockdown in China on account of rising Covid-19 cases & growing tension between Europe & Russia over Oil & gas supplies bans weakened the EURO. The market will be eyeing EU vote decision on Russia oil ban. The result of Sentix Investor Confidence data will be closely monitored today. As seen in the monthly chart, the pair EUR/USD slid down to 1.04 levels i.e. multi year lows & also, acts as a major support level. The stochastic indicator is hovering near lower level 20 which further indicates make or break situation. The cautious trading may be recommended for the day in EUR/USD.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.07743
R2 1.06580
R1 1.06009
Turnaround 1.05417
S1 1.04845
S2 1.04254
S3 1.03091
By Research Team Monday, May 9, 2022
WTI OIL

    • 11.52amD1
    • High110.41
    • Low107.92
    • Close109.41

WTI Oil is trading at $109.17, 0.08% up since previous day close. The sideways trading can be seen in Oil prices as traders wait for the outcome of EU talks over Russia Oil & gas supplies ban. The stronger USD amid Fed’s rate hike decision of 50 bps softened the dollar-denominated commodities like Crude Oil. Besides this, the mounting Covid-19 cases in China affect the consumption demand of Oil & its prices; since China is a top Oil consumer. The market will be eyeing OPEC meeting which is to be held on Wednesday & will determine the momentum in prices. As seen in the chart, the oil is hovering near MA (100) which acts as a major support level & hence, cautious trading may be recommended for the day.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 117.50000
R2 113.57000
R1 112.05000
Turnaround 109.04000
S1 108.12000
S2 105.71000
S3 101.78000
By Research Team Monday, May 9, 2022
CHNIND

    • 11.30amD1
    • High6912
    • Low6679
    • Close6694

CHNIND is trading at 6694, 0.32% down since previous day close. The continued selling pressure can be seen in Chinese shares amid worsening Covid-19 situation in the country which led lockdown in few cities. This hampered the industrial growth & economic conditions in an economy. The China’s Trade Balance surplus fell to 325.1B lower than expectation 339B which made CHNIND weaker. Also, the fallout in U.S markets after FOMC hiked interest rate by 50 bps last week in order to control inflation rate further led selling bias in Asian shares. The rising tension between Russia & Europe made CHNIND to trade on lower side. As seen in the chart, the index seems to be resisting the Fibo level 38.2 & 23.6 & hence, selling on rallies may be recommended for the day.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 7905.00000
R2 7454.00000
R1 7171.00000
Turnaround 7003.00000
S1 6720.00000
S2 6552.00000
S3 6101.00000
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