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Slight Recovery Observed in Markets While Eyes Will be on Fed Powell Speech

By Research Team Friday, Sep 23, 2022
FRA40

    • 1.48pmD1
    • High5948
    • Low5875
    • Close5878

FRA40 is trading at 5882.3, 0.06% down since previous day close. The European shares continued to trade weaker amid rising geopolitical tension between Russia & Ukraine after the former ordered mobilization of reserve troops in an escalation of the war in Ukraine. On global front, the hawkish FOMC future monetary stance although raising an interest rate by 75bps in its latest meeting dragged down the major indices.  The French Flash Manufacturing PMI fell to 47.8 from 50.6 in the previous month while the Flash Services PMI rose to 53.0 from 51.2 previously. The focus will remain on Fed Chair Powell’s speech today. As seen in the chart, the index is hovering near major support level of previous lows & hence, the cautious trading may be recommended for the day.

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Daily Outlook

FRA40

Intra Day
Near Day

Technical Levels

R3 6178.00000
R2 6070.00000
R1 6007.00000
Turnaround 5962.00000
S1 5899.00000
S2 5854.00000
S3 5746.00000
By Research Team Friday, Sep 23, 2022
NATURAL GAS

    • 2.10pmD1
    • High7.37
    • Low7.20100
    • Close7.22

Natural gas is trading at $7.217, 0.12% down since previous close. The Natural Gas slid down on Thursday post release of Energy Information Administration (EIA) report which showed a rise in Natural gas inventory level by 103B from 77B in the previous week. This indicates more supplies against the steady demand & hence, prices fell down. Globally, the Fed raised an interest rate by 75bps as expected; how-so-ever hinted for more aggressive rate hikes until year 2023 to get an interest rate above 4.00%. This heavily weighs down the commodities. As seen in the chart, the Natural gas is trading near major Fibo level 61.8 which indicates the selling bias on higher levels on daily basis.

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Daily Outlook

NATURAL GAS

Intra Day
Near Day

Technical Levels

R3 8.75700
R2 8.09100
R1 7.69400
Turnaround 7.41200
S1 7.02800
S2 6.75900
S3 6.09300
By Research Team Friday, Sep 23, 2022
USD/JPY

    • 1.30pmD1
    • High142.759
    • Low141.76
    • Close142.77

USD/JPY is trading at 142.417, 0.06% down since previous day close. The YEN slightly gained on Thursday post sell-off in the previous session FOMC hiked the interest rate as expected but remains more hawkish than expected for future monetary policy. Also, the Bank of Japan (BoJ) left an interest rate steady at -0.10% which makes the YEN on weaker side. On data front, the Japan’s National Core CPI grew by 2.8% from 2.4% in the previous month which slightly cushioned the pair USD/JPY. The Japan’s market is closed on account of national event which may limit the momentum in YEN. As seen in the chart, the pair is trading near MA (20) which acts as crucial level. The cautious trading recommended in JPY against the USD for the day.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 153.94500
R2 148.39200
R1 145.33100
Turnaround 142.83900
S1 139.77800
S2 137.28600
S3 131.73300
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