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Worsening US-China Relations Limits the Gains in Indices & Gold

By Research Team Tuesday, May 30, 2023
EUR/USD

    • 10.46amd1
    • High1.07263
    • Low1.06812
    • Close1.0685

EUR/USD is trading at 1.07058, 0.12% down since previous day close. The selling pressure can be seen in major currencies amid mixed global sentiments. Optimism over reaching out tentative agreement to raise U.S debt ceiling limit between U.S President Biden & House Speaker McCarthy has been outweighed by worsening U.S-China trade & political relations. On data front, the Euro-zone Flash Manufacturing PMI fell to 44.6 from 45.8 in the previous month while the Flash Services PMI climbed to 55.9 against the expectation 55.4. The result of Money Supply & Private Loans data will remain in focus for the day. As seen in the chart, the pair crossed down Fibo level 61.8 which acts as major support level & hence, selling on higher levels may be recommended for the day in EUR/USD.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.07947
R2 1.07566
R1 1.07318
Turnaround 1.07185
S1 1.06937
S2 1.06804
S3 1.06423
By Research Team Tuesday, May 30, 2023
US30

    • 11.08amd1
    • High33194
    • Low33141
    • Close33175

US30 is trading at 33160, 0.02% up since previous day close. The mixed momentum can be seen in U.S markets as trade & political relations between U.S & China gets worsened after China declined a request for a meeting between U.S Defence Secretary Lloyd Austin & Chinese Defence Minister Li Shangfu at Singapore       later this week. Earlier, the US30 & other indices rallied as optimism built up over signing out tentative deal to raise the U.S debt ceiling limit ahead of the deadline claiming U.S as a defaulter. The trades will be looking forward to the result of CB Consumer Confidence & Non-farm Payroll data which are to be issued today & later this week respectively. As seen in the chart, the US30 is hovering near MA (200) which signals for make-or-break situation on daily basis.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 33414.00000
R2 33305.00000
R1 33235.00000
Turnaround 15937.00000
S1 33196.00000
S2 33087.00000
S3 32978.00000
By Research Team Tuesday, May 30, 2023
OIL

    • 11.08amd1
    • High33194
    • Low33141
    • Close33175

WTI Oil is trading at $72.25, 0.06% down since previous day close. The Oil prices reversed its gains seen in the previous session after rising tension between U.S & China may lower down the Oil consumption demand from one of the top consuming countries, China. However, the prices traded on higher side last week after the Russian Deputy Prime Minister Alexander Novak said that no changes can be seen in Oil production levels rather output cuts can be expected in upcoming OPEC+ meeting which is to be held on 4th June at Vienna. As seen in the chart, the Oil seems to be resisting short-term Moving Averages of period 10 & 20 & hence, sideways trading may be recommended for the day.

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 75.90000
R2 74.35000
R1 73.60000
Turnaround 72.80000
S1 72.05000
S2 71.25000
S3 69.70000
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