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WTI OIL, GER30 and GBP/USD

By Research Team Thursday, Aug 4, 2022
WTI OIL

    • 10.48amD1
    • High91.43
    • Low90.41
    • Close90.91

WTI Oil is trading at $90.86, 0.13% down since previous day close. The Oil slid down on Wednesday post release of U.S EIA report which showed a rise in Oil inventories by 4.5 mbpd against the expected fall of 1.4mbpd. Also, the OPEC 7 its allies hinted for mild increase in Oil output levels for the month August which further pushed down the Oil prices. Last week, the Fed turned less hawkish for future rate hikes which weakened the USD & pushed up the dollar-denominated commodity like WTI Oil. Majorly, the rising inflationary pressure may turn bearish for prices amid lesser consumption demand.  Heavy selling may be seen in the commodity if it breaches the current major support level of $90.00.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 105.04000
R2 98.85000
R1 94.94000
Turnaround 92.66000
S1 88.75000
S2 86.47000
S3 80.28000
By Research Team Thursday, Aug 4, 2022
GER30

    • 10.30amD1
    • High13659.3
    • Low13608.6
    • Close13633.3

GER30 is trading at 13622, 0.09% up since previous day close. The indices slightly gained amid mixed global cues. The better earnings results & cooling down Oil prices led buying pressure in equity markets. Also, the traders remain cautious ahead of the release of Non-farm Payroll data which is set to issue on Friday. Last week, the index rallied as optimism loomed over market scenario & Fed’s gradual monetary tightening stance in the near future. The German Final Services PMI climbed to 49.7 from 49.2 in the previous month while the outcome of German Factory Orders will remain in focus for the day. As seen in the chart, the index US100 is trading above the major support level of previous lows & hence, buying may be seen for the day.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 14073.70000
R2 13809.30000
R1 13714.70000
Turnaround 13544.50000
S1 13450.10000
S2 13279.90000
S3 13015.30000
By Research Team Thursday, Aug 4, 2022
GBP/USD

    • 10.12amW1
    • High1.21678
    • Low1.21367
    • Close1.21548

GBP/USD is trading at 1.21503, 0.02% up since previous day close. The Sterling Pound appreciates on Thursday as traders eyes the outcome of Bank of England (BoE) meeting which is to be held today with a focus on rate hike move by 50bps in order to tame down inflation. Last week, the soft USD after Fed hiked rate as expected; however hinted for a slowdown in rate hike process in near future led buying bias in major currencies. The U.K Final Services PMI fell to 52.6 from 53.3 in the previous month which slightly dragged down the pair GBP/USD.  As seen in the chart, the pair reversed up after the testing the major support level & is trading near Fibo level 23.6 which acts as a major resistance. Sideways trading may be recommended for the day in GBP/USD.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.23643
R2 1.22564
R1 1.21971
Turnaround 1.21485
S1 1.20892
S2 1.20406
S3 1.19327
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