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PBoC's Decision of Cutting Down Lending Rate Pushed Up Equities

By Research Team Friday, May 20, 2022
GBP/USD

    • 9.55amW1
    • High1.24699
    • Low1.24373
    • Close1.24494

GBP/USD is trading at 1.24541, 0.08% up since previous day close. The Pound seems to be trading slightly stronger against the mixed USD as market sentiments improved on PBoC’s move of cutting down key Loan Prime Rate (LPR) by 15 bps. Earlier, the pair traded weaker against the US Dollar Index amid worsening situation between Russia & Europe over Oil & gas imports ban issues & escalating Covid-19 cases in China. The result of          Retail Sales data will remain in focus for the day. As seen in the chart, the pair corrected down below Fibo level 61.8 which acts as a major resistance level & also, the RSI line is trading sideways near lower level 30. This indicates the chances of upside if broken the level on higher side.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.28150
R2 1.26285
R1 1.25456
Turnaround 1.24416
S1 1.23587
S2 1.22547
S3 1.20678
By Research Team Friday, May 20, 2022
WTI OIL

    • 10.30amD1
    • High109.77
    • Low108.11
    • Close108.79

WTI Oil is trading at $108.17, 0.03% down since previous day close. The range bound trading can be seen in Oil prices amid mixed global demand. Uncertain chances of Europe to ban the Oil & gas imports from Russia remain volatile for Oil prices. The recent EIA report showed a drop-down in Oil inventory level by 3.4 mbpd against the expected rise of 2.1 mbpd which failed to create any upside in prices. The mounting Covid-19 cases in China affect demand of Oil & its prices; since China is a leading Oil consumer. This may remain vital for prices. As seen in the chart, the oil is hovering above the short term MA (10) & MA (20) which acts as a major support level. Wait & watch strategy may be seen further.

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Daily Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 121.34000
R2 114.42000
R1 111.78000
Turnaround 107.50000
S1 104.80000
S2 100.58000
S3 93.66000
By Research Team Friday, May 20, 2022
GER30

    • 10.12amW1
    • High14010
    • Low13930
    • Close13989

GER30 is trading at 13996, 0.03% up since previous day close. The European markets slightly recovered on Friday following the positive global sentiments amid Chinese PBoC’s decision of cutting down its key Loan Prime Rate (LPR) by 15 bps to control economic stability. However, the index slid down on account of worsening Covid-19 situation China, FOMC’s decision of raising interest rate by 50 bps & the rising tension between Russia & Ukraine. The result of German PPI data will remain in focus for the day. As seen in the chart, the index seems to be taking a support of bullish trend-line which acts as a major support level & also, the RSI line is hovering near lower level 30 which indicates the chances of buying bias on daily basis.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 14445.00000
R2 14145.00000
R1 14019.00000
Turnaround 13845.00000
S1 13719.00000
S2 13545.00000
S3 13245.00000
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