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Soft US NFP Data Recedes the Chances of Fed Rate Hike, Indices Rallies While Gold Steadies

By Research Team Monday, Nov 6, 2023
EUR/USD

    • 9.35amw1
    • High1.07375
    • Low1.07224
    • Close1.07361

EUR/USD is trading at 1.07317, 0.12% up since previous day close. The EURO strengthened after U.S issued weaker than expected Non-farm Payroll data which recedes the chances of further rate hikes & increases the possibility of rate cut by FOMC. Also, the FOMC left an interest rate unchanged at a range of 5.25% to 5.50% & showed a dovish stance in future course of time which remained supportive for currencies. Ongoing tension between Israel & Hamas will remain vital for EUR/USD. The result of Euro-zone Services PMI data will be closely monitored for the day. As seen in the chart, the pair successfully crosses over the short-term Moving Averages as well as MA (100); showing buying bias on daily basis.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.09602
R2 1.08282
R1 1.07777
Turnaround 1.06962
S1 1.06457
S2 1.05642
S3 1.04322
By Research Team Monday, Nov 6, 2023
US100

    • 9.53amd1
    • High15189
    • Low15162
    • Close15182

US100 is trading at 15184, 0.09% up since previous day close. The U.S markets rallied post release of U.S Non-farm Payroll data which showed a slow-down in labor sector; for the figures grew by just 150K lower than expectation 178K. This may result into chances of FOMC rate cut & hence, this sentiment amongst the traders & investors boosted the equity markets. Last week, the Fed Powell left interest rate steady & showed a pause for rate hike & better corporate earnings cushioned the index US100. The market will be looking forward to the speech of few Fed officials due today. As seen in the chart, the index took a support of previous lows & is trading near MA (100). A strong breakout can be seen if crosses over the current level & hence, buying on dips may be recommended for the day.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 15703.00000
R2 15407.00000
R1 15291.00000
Turnaround 15111.00000
S1 14995.00000
S2 14815.00000
S3 14519.00000
By Research Team Monday, Nov 6, 2023
OIL

    • 10.11amd1
    • High81.18
    • Low80.81
    • Close80.95

WTI Oil is trading at $80.96, 0.11% down since previous day close. The Oil prices seems to be trading mixed as Saudi Arabia & Russia sticks to the plan of output cut in near term which may affect the Oil supplies. On global front, the weaker U.S NFP data & Fed’s Powell less hawkish stance over future rate hike made the dollar denominated commodities like WTI Oil stronger. Escalating tension between Hamas & Israel & Iran’s plan to stop supply food & oil to Israel may affect overall Oil supplies & hence, remains supportive for the prices. As seen in the chart, although the Oil prices crossed down the MA (100) yet it is still hovering near Fibo level 50.0. The cautious trading may be recommended for the day in WTI Oil.

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 88.53000
R2 85.03000
R1 82.97000
Turnaround 81.53000
S1 79.47000
S2 78.03000
S3 74.53000
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