NZD/USD is trading at 0.62699, 0.21% down since previous day close. The strong USD ahead of the beginning of Fed Powell’s testifying speech from today made other currencies widely weaker. Earlier, the mixed sentiments over global recession fear & aggressive monetary policy in major economies made the currencies to trade lower. On data front, the New Zealand’s Trade Balance surplus dropped to 263M from 44M in the previous month which signals for slowdown in industrial activities. This further softens the pair NZD/USD. As seen in the chart, although the pair reversed upside after forming double bottom; yet is seems to taking a resistance of MA (10) & MA (20) & hence, slight selling may be recommended for the day.

WTI Oil is trading at $105.41, 0.23% down since previous day close. The Oil prices retreated on Wednesday after U.S President showed measures to cut down fuel costs in order to improve economic conditions on Tuesday. Last week, the prices retreated post release of EIA report which showed a build-up in oil inventory level by 2.0 mbpd against the expected fall of 2.3mbpd. However, the traders will be eyeing recent release of American Petroleum Institute (API) report which will be held today late evening. As seen in the chart, the Oil crossed down the short term Moving Averages of MA (10) & MA (20) & is trading near MA (100) which signals for slight selling bias on daily basis.

INDIA50 is trading at 15449, 0.18% down since previous day close. The Asian shares slid down following the sell-off in global peers ahead of the U.S Fed Powell’s testifying speech beginning from today. The fear over global recession which could slow down the economic growth & rising inflationary concern made indices to trade into volatile zone.  On regional front, the weakness in tech & steel sector amid stringent rules led selling bias in overall index. Besides this, the fluctuating Oil prices remains major role for INDIA50 since India is one major importers of Oil. As seen in the chart, the index is trading below the short term Moving Averages of period 10 & 20; however, it is near MA (100) which acts as a major support. Wait & watch strategy may be adopted for the day.