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Market Turbulence: NZD/USD Steady at 0.6100, European Stocks Slide, UK Retail Sales Drop, US Crude Rises Pre-OPEC Meeting

By Research Team Friday, May 24, 2024
NZD/USD

    • 11.30amD1
    • High0.61338
    • Low0.60922
    • Close0.60994

NZD/USD is trading at 0.6096, 0.05% up since previous day close. The NZD/USD received pressure due to the emergence of the risk aversion sentiment after the higher-than-expected Purchasing Managers Index data from the United States was released on Thursday. The data reinforced the hawkish sentiment surrounding the Federal Reserve of maintaining higher policy rates for an extended period. Amid FED news and USD strong currency market over the world is on bearish mode multiple currencies faces strong rejection after continue more than a week rally. This pair also will be selling pressure.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.62
R2 0.6177
R1 0.6134
Turnaround 0.6050
S1 0.6084
S2 0.6063
S3 0.6048
By Research Team Friday, May 24, 2024
GER30

    • 11.35amD1
    • High18770
    • Low18555
    • Close18590

GER30 is trading at 18546. 0.37% down since previous day close. The minutes of the Federal Reserve’s latest policy meeting, released late Wednesday, showed officials at the U.S. central bank remained concerned about U.S. inflation. Back in Europe, the European Central Bank is widely expected to cut interest rates in June, but there remains uncertainty over how many more cuts the central bank will authorize this year. GER30 trading around their first support 18550 if this break we can see some sharp fall.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 19100
R2 18950
R1 18537
Turnaround 18400
S1 18390
S2 18200
S3 18787
By Research Team Friday, May 24, 2024
WTI

    • 11.40amD1
    • High79.035
    • Low76.79
    • Close77.3

WTI is trading at 77.103, 0.42% down since previous day close. Oil prices were stable on Thursday as investors considered the latest comments from the U.S. Federal Reserve on interest rates amid sticky inflation, while signs of firming seasonal U.S. fuel demand lent support. Brent crude futures rose 5 cents to $81.41 a barrel , while U.S. West Texas Intermediate crude futures were up 2 cents at $76.89. WTI trading lower than 100 ema that show selling pressure on crude may continue however the nearest support zone is 76.63 from where may see some buying activity

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 81
R2 80.40
R1 78.88
Turnaround 77.00
S1 76.63
S2 75.29
S3 74.24
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