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Weak Global Cues Weigh Down the Indices While Oil Trades Sideways

By Research Team Tuesday, Jan 16, 2024
GBP/USD

    • 12.08pmD1
    • High1.27654
    • Low1.27129
    • Close1.27152

GBP/USD is trading at 1.26798, 0.02% down since previous day close. The steady USD amid suspicious view over interest rate cut stance in future FOMC meeting led the slight selling pressure in other major currencies. On data front, the U.K GDP rate increased by 0.3% higher than expectation 0.2% & the Manufacturing Production grew by 0.4% versus -1.2% in the previous month. These turned out to be positive for the pair GBP/USD. The focus will remain on the result of Claimant Count Change & Average Earnings Index data due today. As seen in the chart, the pair is firmly trading near the major Fibo level of 61.8 which strongly indicates an either side breakout zone & hence, wait & watch strategy may be build-up for the day in GBP/USD.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.28362
R2 1.27837
R1 1.27494
Turnaround 1.27312
S1 1.26969
S2 1.26780
S3 1.26262
By Research Team Tuesday, Jan 16, 2024
WTI OIL

    • 12.45pmD1
    • High72.82
    • Low72.12
    • Close72.5

WTI Oil is trading at $72.51, 0.01% up since previous day close. The very tight range can be seen in Oil prices since last few sessions amid steady demand and supply ration across the globe. The mixed USD on suspicious view on rate cut stance in future FOMC meetings & the rising conflicts in the Middle-East regions with more attacks on Gaza & supply disruption from Red Sea made the Oil prices volatile. Earlier, the prices retreated after the Saudi Arabia, world’s largest Oil exporter cut-down the prices of its exports to Asia & parts of Europe. Sideways trading may be seen for the day in WTI Oil since the commodity is hovering near MA (10) & MA (20) which signals for either side breakout.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 75.75000
R2 74.01000
R1 73.33000
Turnaround 72.27000
S1 71.59000
S2 70.53000
S3 68.79000
By Research Team Tuesday, Jan 16, 2024
GER30

    • 12.24pmH4
    • High16612
    • Low16528
    • Close16539

GER30 is trading at 16555, 0.19% down since previous day close. The European shares slid down following the downside in U.S markets on an account of mixed bet over rate cut stance in Fed’s future monetary policy meet. Last week, the equity markets traded at higher levels as optimism looms on AI hype & exposure. On data front, the German WPI fell by 0.6% weaker than expectation 0.2% which further dragged down the index GER30. The focus will remain on the result of German ZEW Economic Sentiment data due to be issued today. As seen in the H4 chart, the index is trading near cluster support which acts as a crucial level & hence, a reversal can be seen if sustained otherwise a breakdown can be seen if breached. Wait & watch strategy may be adopted further.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 17052.00000
R2 16866.00000
R1 16753.00000
Turnaround 16684.00000
S1 16569.00000
S2 16500.00000
S3 16316.00000
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