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US30, WTI OIL and EUR/USD

By Research Team Thursday, Jul 28, 2022
US30

    • 10.25amW1
    • High32158
    • Low32099
    • Close32122

US30 is trading at 32112, 0.27% up since previous day close. A sharp rally can be seen in US30 post release of FOMC meeting wherein an interest rate was raised by 75 bps from 1.75% to the range of 2.50% as expected. However, this aggressive rate hike process may get slowdown in future course of time; as mentioned by Fed Chair Jerome Powell in the conference. This made the U.S markets to trade on higher side. Last week, the indices rallied after ECB hiked interest rate by 50 bps in order to lower down inflationary pressure. The result of Advance GDP data will remain into focus for the day. As seen in the chart, the index took a support of Fibo level 61.8 which acts as a major support level & hence, buying on corrective dips may be recommended for the day.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 33168.00000
R2 32621.00000
R1 32378.00000
Turnaround 32074.00000
S1 31831.00000
S2 31527.00000
S3 30980.00000
By Research Team Thursday, Jul 28, 2022
WTI OIL

    • 10.45amD1
    • High98.94
    • Low97.57
    • Close98.28

WTI Oil is trading at $98.27, 0.12% up since previous day close. An upward momentum continued to be seen in oil prices against the soft USD as Fed Chair turned less hawkish for future rate hikes. The U.S EIA report showed a fall in Oil inventory level by 4.5 mbpd against the expected drop-down of 1.5 mbpd; which further pushed up the Oil prices. Also, the prices rose after lower gas flows from Nerd Stream pipeline from Russia to Europe increases the demand of crude Oil. The outcome of U.S Baker Hughes report will remain in focus on Friday. As seen in the chart, the Oil is trading above the major support area & is on the verge of crossing over MA (10) which indicates further buying bias in WTI Oil.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 105.49000
R2 101.22000
R1 99.60000
Turnaround 96.95000
S1 95.33000
S2 92.68000
S3 88.41000
By Research Team Thursday, Jul 28, 2022
EUR/USD

    • 10.00amD1
    • High1.02231
    • Low1.01804
    • Close1.02055

EUR/USD is trading at 1.02047, 0.08% up since previous day close. The FOMC lifted an interest rate by 75bps leading to the range of 2.50% as expected; how-so-ever the Fed Chair hinted for hawkish stance in future course of time. This cushioned the market sentiments & hence, made the currencies appreciative. Last week, the ECB lifted its interest rate by 50 bps more than expectation which remained supportive for currency & equity markets. The Belgian NBB Business Climate fell to 2.8 from 1.8 in the previous month. As seen in the chart, the pair EUR/USD is trading on higher side after testing the lower trend-line of channel pattern. Buying bias may be established for the day in EUR/USD.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.04221
R2 1.02981
R1 1.02517
Turnaround 1.01741
S1 1.01270
S2 1.00501
S3 0.99261
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