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Bullish U.S API Oil Stock Estimates And Indices Steadies Ahead of U.S Powell Speech

By Research Team Wednesday, Nov 8, 2023
NZD/USD

    • 10.25amd1
    • High0.59422
    • Low0.59237
    • Close0.59327

NZD/USD is trading at 0.59389, 0.03% up since previous day close. An upside can be seen in Kiwi post release of Inflation Expectations data which showed the chances of a rise in inflationary pressure by 2.76% lower than previous figure. The GDT Price Index fell by 0.7% versus a rise of 4.3% in the prior month which subdued the pair NZD/USD. The slight downside can be seen in Kiwi after China posted weaker than expected Trade Balance data which softened the market sentiments. Uncertain FOMC monetary outlook & upcoming Fed Powell speech remains vital for currencies. As seen in the chart, the pair seems to be hovering above MA (10) & MA (20) & hence, buying on dips may be recommended for the day.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.60468
R2 0.59920
R1 0.59631
Turnaround 0.59372
S1 0.59083
S2 0.58824
S3 0.58276
By Research Team Wednesday, Nov 8, 2023
US30

    • 10.42amd1
    • High34218
    • Low34173
    • Close34185

US30 is trading at 34192, 0.13% up since previous day close. The flat to higher side trading can be seen in U.S markets as traders wait for the forthcoming U.S Fed Powell speech due to be issued today. On Tuesday, the Chinese Trade Balance data showed a lower export against the imports which weigh down the global markets. Earlier, the US30 rallied as the result of U.S Non-farm Payroll data showed a slow-down in labor sector; for the figures grew by just 150K lower than expectation 178K. This may result into chances of FOMC rate cut & hence, this sentiment amongst the traders & investors boosted the equity markets. As seen in the chart, the index is trading above the significant Moving Averages & hence, buying on dips may be recommended for the day.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 34648.00000
R2 34409.00000
R1 34311.00000
Turnaround 34170.00000
S1 34072.00000
S2 33931.00000
S3 33692.00000
By Research Team Wednesday, Nov 8, 2023
OIL

    • 11.00amd1
    • High77.52
    • Low76.49
    • Close77

WTI Oil is trading at $77.01, 0.05% down since previous day close. The downside can be seen in Oil prices post release of U.S American Petroleum Institute (API) report which showed a massive rise in Oil stocks level by 11.90 mbpd against the expected fall of 0.30 mbpd. The weaker Chinese Trade Balance data restricts the demand of Oil & dragged down the prices since China is a top Oil consuming country. Last week, the Oil traded on higher side as Saudi Arabia & Russia sticks to the plan of output cut in near term which may affect the Oil supplies. Escalating tension between Hamas & Israel may remain vital for Oil prices. Selling bias may be established for the day in WTI Oil.

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 86.17000
R2 82.25000
R1 79.66000
Turnaround 78.33000
S1 75.47000
S2 74.41000
S3 70.49000
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