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AUD/USD, GOLD and GER30

By Research Team Wednesday, Sep 28, 2022
AUD/USD

    • 10.15amW1
    • High0.64446
    • Low0.63885
    • Close0.63922

AUD/USD is trading at 0.64067, 0.18% down since previous day close. A heavy sell-off can be seen in Aussie on Wednesday after Retail Sales grew by just 0.6% lower than previous figure 1.3% which weakens the pair even more. Majorly, the surging USD as recessionary tension looms across the globe led the other currencies to trade on lower side. Last week, the FOMC raised an interest rate by 75bps as expected while turning more hawkish than expected for future monetary stance & weaker Chinese economic growth made antipodean currencies weaker. As seen in the chart, the pair is trading below Fibo level 61.8 which makes AUD/USD t trade hover in selling zone for short term basis.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.66525
R2 0.65531
R1 0.64940
Turnaround 0.64537
S1 0.63976
S2 0.63543
S3 0.62549
By Research Team Wednesday, Sep 28, 2022
GOLD

    • 10.57amW1
    • High1630.59
    • Low1623.03000
    • Close1624.85

Gold is trading at $1624.98, 0.21% down since previous close. The strong USD pressurizes the precious metals like Gold & Silver since last few sessions. Last week, the Fed raised an interest rate by 75bps as expected; how-so-ever hinted for more aggressive rate hikes until year 2023 to get an interest rate above 4.00%. The rise in recession fear amid high inflation rate lowers down the consumption demand of Gold & other metals. The focus will remain on Fed Chair Powell & ECB President Lagarde speech due today. As seen in the chart, the Gold almost down the cluster support of previous lows & a strong breakdown can be seen if sustained at lower levels. Selling bias may be suggested for the day in Gold.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1664.21000
R2 1648.45000
R1 1638.67000
Turnaround 1632.69000
S1 1622.91000
S2 1616.93000
S3 1601.17000
By Research Team Wednesday, Sep 28, 2022
GER30

    • 10.35amW1
    • High12167
    • Low11976
    • Close12003

GER30 is trading at 12004.8, 0.37% down since previous day close. The European markets are trading on lower side following the selling pressure seen in other global peers. The rising inflationary fear & escalating geopolitical tensions led the buying in US Dollar Index & selling in global equity markets. Last week, the FOMC revealed an interest rate hike of 75bps leading to the range of 3.00% to 3.25%. However, the Fed remains more hawkish for future monetary policy; for hinting more aggressive rate hikes. The ECB President Lagarde speech & German GFK Business Climate data release will remain vital for the day. As seen in the chart, the selling pressure may be established further & hence, weakness may be noticed further.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 13046.67000
R2 12615.57000
R1 12367.50000
Turnaround 12184.67000
S1 11936.33000
S2 11753.67000
S3 11322.67000
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