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Development in Technology Sectors Boosted Market Sentiments & Weakens the USD

By Research Team Friday, Jan 19, 2024
NZD/USD

    • 1.56pmW1
    • High0.61358
    • Low0.60946
    • Close0.61197

NZD/USD is trading at 0.61060, 0.06% down since previous day close. The Kiwi weakened to some extent against the steady USD as Fed Governor Waller hinted for less possibility for rate cut in the month of March. On data front, the Business NZ Manufacturing Index fell to 43.1 from 46.5 in the previous month while the GDT Price Index rose by 2.3% from 1.2% previously. These created mixed trading in the pair NZD/USD. The result of CPI data will remain in focus which is due to be issued in next week. As seen in the chart, the pair corrected down from major resistance of previous highs & is hovering near MA (10) & MA (20). This indicates an either side breakout on short term basis. Slight selling bias may be recommended for the day in NZD/USD.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.61991
R2 0.61579
R1 0.61388
Turnaround 0.61167
S1 0.60976
S2 0.60755
S3 0.60343
By Research Team Friday, Jan 19, 2024
WTI Oil

    • 2.35pmD1
    • High74.17
    • Low73.63
    • Close74.04

WTI Oil is trading at $74.02, 0.10% up since previous day close. The Oil prices surges higher on Friday post release of U.S Energy Information Administration (EIA) report which showed a fall in Oil inventory levels by 2.5 mbpd against the expected fall of 0.6 mbpd. Also, the steady USD amid lesser chances of interest rate cut in the month of March & rising conflicts in the Middle-East regions with more attacks on Gaza & supply disruption from Red Sea made the Oil prices volatile. The U.S is to issue its Baker Hughes report today which will remain in focus. As seen in the chart, the Oil almost crossed over the short-term MA (10) & MA (20) which indicates the slight buying bias for the day.

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Daily Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 77.37000
R2 75.31000
R1 74.51000
Turnaround 73.25000
S1 72.45000
S2 71.19000
S3 69.13000
By Research Team Friday, Jan 19, 2024
GER30

    • 2.14pmD1
    • High16660
    • Low16594
    • Close16628

GER30 is trading at  16618, 0.12% up since previous day close. The European shares inches up on Friday amid positivity in technology sector with regards to development in AI which led the buying bias in global equity markets. Earlier, the index slid down amid weak Chinese economic outlook & mixed bet over rate cut stance in Fed’s future monetary policy meet; as hinted by Fed official Waller. On data front, the German ZEW Economic Sentiment climbed to 15.2 from 12.8 in the previous month which failed to create any positive impact on GER30. As seen in the chart, the index corrected till Fibo level 23.6 which acts as an immediate support level. The index seems to be sustaining that level & hence, slight buying bias may be suggested for the day in GER30.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 16934.00000
R2 16737.00000
R1 16671.00000
Turnaround 16540.00000
S1 16474.00000
S2 16343.00000
S3 16146.00000
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