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U.S CPI Eases Down, China Issues Upbeat Economic Figures & Indices Turns Higher

By Research Team Wednesday, Mar 15, 2023
GBP/USD

    • 9.14amD1
    • High1.21813
    • Low1.21466
    • Close1.21719

GBP/USD is trading at 1.21805, 0.09% up since previous day close. The Pound appreciated in early trade on Wednesday against the soft USD as U.S CPI data showed an ease-down in concern since the figure grew by 0.4% lower than previous rise. This again reduces the chances of higher rate hike in Fed’s next meeting. Besides this, ongoing ruction in banking system in U.S post-closure of SVB & Signature Banks led weakness in USD & slight bullishness in major currencies. The U.K.’s better than expected Employment data further contributed upside in GBP/USD. The focus will be on the result of Annual Budget Release today. As seen in the chart, the pair reversed upside from lower trend-lien of channel pattern & hence, buying on dips may be recommended further.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.22993
R2 1.22313
R1 1.21911
Turnaround 1.21633
S1 1.21231
S2 1.20953
S3 1.20273
By Research Team Wednesday, Mar 15, 2023
WTI OIL

    • 9.55amD1
    • High72.39
    • Low71.65
    • Close72.34

WTI Oil is trading at $72.39, 0.08% up since previous day close. The Oil prices slightly recovered on Wednesday as major Oil consuming country, the China, showed an improvement in its key economic data which may increase the demand of Oil. However, the price slid down to lower levels of $72 post release of U.S API estimates which showed a build-up in oil stocks level by 1.55 mbpd against the expected rise of 0.555 mbpd. Globally, ongoing U.S financial & banking crisis may affect the demand of global commodities. The result of U.S EIA report will remain in focus for the day. As seen in the chart, the Oil is firmly trading near lower trend-line of channel & hence, slight selling may be continued further for the day.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 80.76000
R2 76.62000
R1 74.22000
Turnaround 72.48000
S1 70.08000
S2 68.34000
S3 64.20000
By Research Team Wednesday, Mar 15, 2023
CHNIND

    • 9.32amD1
    • High6627
    • Low6532
    • Close6545

CHNIND is trading at 6558, 0.20% up since previous day close. The Asian shares recovered on Tuesday & the gains seems to be extended in today’s session as USD weakens post release of better U.S inflation data. The CPI rate eases down by just an increase of 0.4% against 0.5% in the previous month which may reduce the chances of aggressive rate hikes in Fed meet. Regionally, the China posted robust Retail Sales data which grew by 3.5% from -1.8% previously; adding on the robust industrial figures. As seen in the chart, the index is trading at MA (100) & also, corrected till Fibo level 50.0 which acts as major support level & indicates the chances of reversal if sustained. Strong buying bias may be suggested for the day in CHNIND.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 6925.00000
R2 6720.00000
R1 6627.00000
Turnaround 6515.00000
S1 6422.00000
S2 6310.00000
S3 6105.00000
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