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Equities Retreated Amid Chances of U.S Rate Tightening While Major Currencies Appreciates

By Research Team Wednesday, Apr 7, 2021
NZD/USD

    • 9.15am ISTD1
    • High0.70687
    • Low0.70504
    • Close0.70534

NZD/USD is trading at 0.70593, 0.14% up since Tuesday. The Kiwi turned out to be trading positive against the soft USD as global sentiments turned mixed over chances of monetary tightening in U.S. On data front, the New Zealand’s ANZ Commodity Prices grew by 6.1% from 3.3% in the previous month which cushioned the pair even more. Also, the GDT Price Index showed positive outcome of 0.3% against -0.8% previously. The better than expected Caixin Services PMI data remained supportive for NZD/USD; since New Zealand & China are the trading partners. Globally, the chances of passing U.S Biden’s new infrastructural bill & progressive distribution of Covid vaccine remain vital for currencies. Buying bias may be established in NZD/USD for the day.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.71678
R2 0.71064
R1 0.70822
Turnaround 0.70450
S1 0.70208
S2 0.69839
S3 0.69222
By Research Team Wednesday, Apr 7, 2021
COFFEE

    • 9.45am ISTD1
    • High127.18
    • Low121.28
    • Close125.93

Coffee traded at $125.93, 0.36% up since previous day close. The Coffee prices surges up after trading on lower note since last few sessions. The soft USD makes Brazilian Real (BRL) currency stronger & hence, this results into increase in the Coffee prices. The Brazilian farmer fetches more profits while exporting the Coffee beans to U.S. Currently, the mounting Covid cases across the globe may affect the Coffee demand & its prices. The change in climatic conditions in Brazil leads to frequent change in production & supplies, since the country is a leading producer of beans. As seen in the chart, the Coffee took a strong support of previous lows & hence, slight buying may be initiated for the day.

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Daily Outlook

COFFEE

Intra Day
Near Day

Technical Levels

R3 136.73000
R2 130.75000
R1 128.34000
Turnaround 124.77000
S1 122.36000
S2 118.79000
S3 112.81000
By Research Team Wednesday, Apr 7, 2021
INDIA50

    • 9.32am ISTD1
    • High14799
    • Low14735
    • Close14745

INDIA50 is trading at 14750, 0.08% down since previous day close. The Asian shares seems to be trading slightly weaker amid sell-off in other global peers as traders & investors expects the interest rate tightening against pledged earlier. Besides this, the country is facing its Covid-19 situation; with cases almost crossing 100,000 marks on a single day which further remains a suppressive factor for INDIA50. However, ongoing vaccination drive may remain a boosting part for markets. Earlier, the SGX Nifty shoots up as U.S issued robust NFP data showing a progress in employment sector. As seen in the chart, the index seems to be forming consolidation phase & is floating near MA (20) & MA (10). Wait & watch strategy may be adopted for the day in INDIA50.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 15197.00000
R2 14965.00000
R1 14863.00000
Turnaround 14733.00000
S1 14631.00000
S2 14501.00000
S3 14269.00000
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