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RBNZ Holds Rates, NZD/USD Dips; European Stocks Climb, Ryanair Profits Soar, Silver Surges Over 25%

By Research Team Tuesday, May 21, 2024
NZD/USD

    • 11.30amD1
    • High1.06137
    • Low0.6096
    • Close0.6106

NZD/USD is trading at 0.6115, 0.46% down since previous day close. NZD/USD – NZD/USD extended losses to near 0.6100 during Asian trading hours on Tuesday. Investors are awaiting the Reserve Bank of New Zealand’s (RBNZ) policy meeting scheduled for Wednesday. It’s widely anticipated that the RBNZ will maintain its Official Cash Rate (OCR) at 5.5%, marking the seventh consecutive meeting without changes. Policymakers are expected to emphasize the necessity of maintaining a restrictive policy stance for an extended period to steer inflation back within the 1-3% target range.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.6202
R2 0.61778
R1 0.6139
Turnaround 0.61
S1 0.61052
S2 0.6075
S3 0.607
By Research Team Tuesday, May 21, 2024
GER30

    • 11.35amD1
    • High18818.00
    • Low18730.00
    • Close18755.00

GER30 is trading at 18,590, 0.00% down since previous day close. GER30 – The DAX gained 0.35% on Monday (May 20). Reversing a 0.18% loss from Friday (May 17), the DAX ended the session at 18,769. On Monday (May 20), uncertainty about the post-June ECB rate path limited gains for the session. Nevertheless, rising investor expectations of a June ECB rate cut remained a tailwind at the start of the week. Investors await preliminary private sector PMI numbers for further clues on inflation trends. The PMI numbers are out on Thursday. On daily chart, this month Dax touched all time high. After touching all time high it may face some selling pressure and may retrace by some points.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 19000
R2 18920
R1 18830
Turnaround 18800
S1 18720
S2 18590
S3 18400
By Research Team Tuesday, May 21, 2024
SILVER

    • 11.40amD1
    • High32.49
    • Low30.93
    • Close31.81

SILVER is trading at 31.40. Spot silver prices soared by 2.5% to reach $32.28 on Monday (May 20), marking an over 11-year high in the global market. Silver price shows some bearish bias now, affected by stochastic negativity, and it might achieve a bearish correction and test the $31.00 barrier before turning back to rise again. In general, holding above the mentioned support keeps the main bullish trend scenario active for the upcoming period, which continues to get support from the EMA50. Next main target extends to $33.70.

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Daily Outlook

SILVER

Intra Day
Near Day

Technical Levels

R3 34
R2 33.6
R1 32.55
Turnaround 31.5
S1 30.93
S2 29.84
S3 28.5
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