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Indices Soars Down On Higher U.S CPI Rate

By Research Team Monday, Jun 13, 2022
GBP/USD

    • 9.52amD1
    • High1.22921
    • Low1.22621
    • Close1.22857

GBP/USD is trading at 1.22870, 0.33% down since previous day close. The Sterling Pound depreciated against the strong USD as rising CPI rate increases the chances of Fed rate hike in its upcoming meeting by 50bps. Besides this, the market remains cautious over BoE meeting wherein a rate hike by 25bps is expected in order to tame down inflationary concern. This further weakens the pair GBP/USD. The result of U.K’s GDP & Manufacturing Production data will remain in focus for the day. As seen in the chart, the pair is trading in bearish channel pattern & reversed down from upper trend-line which acts as a major resistance level. Selling on higher side may be seen for the day in GBP/USD.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.23847
R2 1.23370
R1 1.23069
Turnaround 1.22893
S1 1.22592
S2 1.22416
S3 1.21939
By Research Team Monday, Jun 13, 2022
WTI OIL

    • 10.30amD1
    • High119.15
    • Low118.14
    • Close118.68

WTI Oil is trading at $118.61, 0.07% down since previous day close. The slight profit-booking can be seen in oil prices after rallying to $122 last week amid rising inflationary concern. The U.S showed a rise in its CPI rate above expectation which may lead to substantial rate hike in its upcoming meeting. Earlier, an upward momentum continued to be seen in Oil prices amid easing down of restrictions in few Chinese cities may revive the demand of Oil from major consuming country. As seen in the chart, the Oil is trading above the key Moving Averages of MA (10) & MA (20) & hence, slight buying bias may be noticed for the day. Buying on corrective dips may be recommended for the day in WTI Oil.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 129.36000
R2 124.93000
R1 122.71000
Turnaround 120.50000
S1 118.28000
S2 116.07000
S3 111.64000
By Research Team Monday, Jun 13, 2022
US30

    • 10.11amW1
    • High31212
    • Low30980
    • Close31066

US30 is trading at 31085, 0.29% down since previous day close. The heavy sell-off can be seen in global markets after U.S showed a rise in CPI rate by 1.0% higher than expectation which intensifies the inflationary problem across the globe. This may strengthen the chance of rate hike in Fed’s upcoming meeting. Last week, the ECB’s move of winding up stimulus package & a hint over rate hike in next meeting led a selling bias in indices. Ongoing Russia-Ukraine conflict & resurging Covid-19 cases in China remains vital for indices. As seen in the chart, the index US30 is trading near the major support line of 50.00 which indicates the chances of selling bias if breached or a reversal if sustained. On intraday basis, selling bias may be noticed in US30.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 33620.00000
R2 32659.00000
R1 32019.00000
Turnaround 31698.00000
S1 31054.00000
S2 30737.00000
S3 29776.00000
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