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Better Corporate Earnings Maintains Upside in U.S Markets

By Research Team Wednesday, Aug 3, 2022
NZD/USD

    • 9.35amW1
    • High0.62524
    • Low0.62126
    • Close0.62526

NZD/USD is trading at 0.62403, 0.01% down since previous day close. The mixed USD ahead of U.S Non-farm Payroll data release & corporate earnings results led some selling pressure in other currencies. Last week, the gradual rate hike stance as mentioned by FOMC after lifting an interest rate by 75bps leading to the range of 2.50% expected made other currencies to trade on higher side. On data front, the New Zealand issued not so positive labor data while ANZ Commodity Prices fell by 2.2% from 0.4% previously. As seen in the weekly chart, the pair almost dragged down the Fibo level 61.8 which indicates the chances of selling bias if downside continues or a reversal if sustained the current level.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.65070
R2 0.63838
R1 0.63020
Turnaround 0.62606
S1 0.61788
S2 0.61374
S3 0.60142
By Research Team Wednesday, Aug 3, 2022
GOLD

    • 10.18amD1
    • High1768.68
    • Low1755.57
    • Close1768.21

Gold is trading at $1767.96, 0.12% down since previous day close. The Gold slid down on Tuesday from $1790 mark against the mixed US Dollar Index as market eyes U.S NFP data release event which is to be held later in this week. However, the precious metals rallied last week after Fed Powell hinted for slowdown in interest rate hike process in near future which dragged down the US Dollar from record high levels. The rising inflationary pressure may remain vital for global commodities. As seen in the chart, the commodity reversed up from major support level & is trading above the key short term Moving Averages of period 10 & 20. Slight buying bias may be maintained in Gold at lower levels.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1832.58000
R2 1799.89000
R1 1778.18000
Turnaround 1766.60000
S1 1745.19000
S2 1733.61000
S3 1700.62000
By Research Team Wednesday, Aug 3, 2022
AUS200

    • 10.00amD1
    • High6876
    • Low6816
    • Close6861

AUS200 is trading at 6871.8, 0.03% up since previous day close. The flat to higher side can be noticed in Asian shares as U.S reveals better corporate earnings figures & also, the traders are eyeing the outcome of U.S NFP figures on Friday. In Australia, the AIG Construction Index fell to 45.3 from 46.2 in the previous month while the RBA hiked interest rate by 50 bpd from 1.35% to 1.85% in its meeting held on Tuesday. Last week, the Fed Chair Powell stated the chances of slowdown in rate hike move in future course of time which pushed up the major indices. The result of Trade Balance data will remain in focus for the day. As seen in the chart, the index is trading near Fibo level 61.8 which signals for a strong breakout if breached.

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Daily Outlook

AUS200

Intra Day
Near Day

Technical Levels

R3 7068.33000
R2 6980.33000
R1 6937.67000
Turnaround 6892.33000
S1 6849.66000
S2 6804.33000
S3 6716.33000
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