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Profit Booking Can be seen Ahead of FOMC Meeting Minutes

By Research Team Monday, Nov 21, 2022
GER30

    • 10.30amW1
    • High14448
    • Low14379
    • Close14386

GER30 is trading at 14393.3, 0.06% up since previous close. The    range bound trading can be seen in European shares as traders & investors remain cautious ahead of the outcome of FOMC Minutes on Wednesday which may hint over next Fed monetary stance. Earlier, the mixed trading can be seen in global markets after Ukrainian President dispelled about Russian led missile seems which stroke Poland. The German ZEW Economic Sentiment fell by 36.7 lower than previous figure 59.2 while the focus will be on German Buba President Nagel speech which is to be held today. As seen in the chart, the index reversed up after forming double bottom & also, the RSI line moved up from lower level 30. Buying on dips may be recommended for the day.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 14734.00000
R2 14574.00000
R1 14515.00000
Turnaround 14414.00000
S1 14355.00000
S2 14254.00000
S3 14094.00000
By Research Team Monday, Nov 21, 2022
SILVER

    • 10.52amW1
    • High21.002
    • Low20.70400
    • Close20.727

Silver is trading at $20.752, 0.26% down since previous close. The precious metals seem to be trading sideways against the steady US Dollar ahead of the release of U.S FOMC Meeting Minutes on Wednesday. Earlier, an ease down in U.S inflation data aroused the chances of gradual rate hike stances in future Fed meetings. However, the steady Chinese economic growth & uncertain Covid-19 policies led restricted rise in consumption demand in industrial metals like Silver; for China is a top consumer of metals. As seen in the chart, the commodity is hovering near MA (200) & also, near the major resistance level. This raises the possibility of either side breakout on short to medium term basis in Silver.

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Daily Outlook

SILVER

Intra Day
Near Day

Technical Levels

R3 21.92600
R2 21.47000
R1 21.19200
Turnaround 21.01400
S1 20.73600
S2 20.55800
S3 20.10200
By Research Team Monday, Nov 21, 2022
AUD/USD

    • 10.09amD1
    • High0.66827
    • Low0.66369
    • Close0.66444

AUD/USD is trading at 0.66556, 0.04% down since previous day close. The Aussie seems to be trading on slightly lower side against the steady USD as uncertainty looms over Fed’s upcoming monetary decision in the month of December. Last week, an optimism over chances of slowdown in aggressive rate hike stance in next Fed meeting led buying pressure in major currency pairs. On data front, the county’s employment figure showed an improvement as compared to previous reading while the result of CB Leading Index will remain in focus. As seen in the chart, the pair AUD/USD is hovering near Fibo level 61.8 which acts as major resistance level & hence, the cautious trading may be recommended further.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.68253
R2 0.67560
R1 0.67124
Turnaround 0.66868
S1 0.66431
S2 0.66174
S3 0.65481
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