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RBNZ Hinted a Hawkish Stance in Near Term, Fed Waller Turned Dovish & US Dollar Index Trades Weaker

By Research Team Wednesday, Nov 29, 2023

    • 1.13pmd1
    • High0.62081
    • Low0.61342
    • Close0.6188

NZD/USD is trading at 0.61884, 0.14% up since previous day close. The Kiwi rallied in early trade on Wednesday after the Reserve Bank of New Zealand (RBNZ) left an interest rate steady at 5.50% as expected; however, hinted for a possible rate hike in the future of inflation remained too high. On global front, the Fed Governor Christopher Waller turned dovish for near term monetary policy & showed the chances of rate cut in next year which weakened the USD & cushioned the other basket of currencies. The result of New Zealand’s Building Consents data will remain in focus on Thursday. As seen in the chart, the pair successfully crossed over the upper trend-line of channel patter & hence, a strong breakout on higher side can be seen in NZD/USD on an intraday basis.

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Intra Day
Near Day

Technical Levels

R3 0.62643
R2 0.61947
R1 0.61701
Turnaround 0.61251
S1 0.61005
S2 0.60555
S3 0.59859
By Research Team Wednesday, Nov 29, 2023

    • 1.32pmd1
    • High16086
    • Low16048
    • Close16073

US100 is trading at 16069.3, 0.12% up since previous close. The U.S markets showed a strong upside on Wednesday after FOMC Governor Christopher Waller hinted for interest rate cut in the next year amid improving inflationary conditions & hence, boosted up the market sentiments. The U.S Consumer Confidence data climbed to 102.0 from 99.1 in the previous month which further cushioned the index US100. The traders & investors are eyeing the result of key economic data releases in U.S & China due in this week. The U.S is to issue Prelim GDP data today which will remain in focus. As seen in the chart, the index US100 is trading above the major Moving Averages which indicates further upward momentum & hence, buying on lower side may be suggested for the day.

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Intra Day
Near Day

Technical Levels

R3 16274.00000
R2 16148.00000
R1 16100.00000
Turnaround 16022.00000
S1 15974.00000
S2 15896.00000
S3 15770.00000
By Research Team Wednesday, Nov 29, 2023

    • 1.55pmd1
    • High76.96
    • Low76.36
    • Close76.56

WTI Oil is trading at $76.54, 0.13% up since previous day close. The Oil prices inches up on Wednesday as storm hits the Black Sea region affecting the Oil supplies of almost 2 million barrels per day from Kazakhstan. Also, the growing fear of tighter supplies from Russia further elevates the Oil prices. Upcoming event of OPEC-JMMC meeting which is to be held on 30th November at Vienna makes the Oil prices volatile; for the meeting will focus on changes in Oil output-cut levels. The weak USD makes the dollar-denominated commodity like Crude Oil stronger. As seen in the chart, the Oil seems to be sustaining near previous lows which turns out to be make or break point on short term basis.

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Intra Day
Near Day

Technical Levels

R3 80.84000
R2 78.47000
R1 77.56000
Turnaround 76.10000
S1 75.19000
S2 73.73000
S3 71.36000

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