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Indices Recovers Slightly & Oil Prices Inches Up Amid Mixed Global Cues

By Research Team Thursday, Jan 11, 2024
NZD/USD

    • 1.30pmW1
    • High0.62585
    • Low0.62273
    • Close0.62252

NZD/USD is trading at 0.62523, 0.02% up since previous day close. The mixed trading can be seen in USD ahead of the release of U.S CPI data due today which made the other currencies to trade flat to slightly higher side. Last week, the better-than-expected U.S Non-farm Payroll data turned out to be suppressive for other currencies. On data front, the New Zealand’s Building Consents fell by 10.6% from 8.5% in the previous month which failed to create any negative impact on NZD/USD. Globally, uncertain Fed future monetary stance will remain vital for currencies. As seen in the chart, the pair seems to be testing the major resistance of previous highs & hence, wait & watch strategy may be build-up for the day in NZD/USD.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.63098
R2 0.62713
R1 0.62488
Turnaround 0.62328
S1 0.62113
S2 0.61943
S3 0.61558
By Research Team Thursday, Jan 11, 2024
WTI Oil

    • 2.08pmD1
    • High71.93
    • Low71.11
    • Close71.38

WTI Oil is trading at $71.47, 0.04% up since previous day close. The Oil prices slightly inches up on Thursday on an account of rising conflicts in the Middle-East regions with more attacks on Gaza & supply disruption from Red Sea. This overshadows the negative effect in prices after U.S EIA report showed a rise in Oil inventory levels by 1.3 mbpd against the expected fall of 0.2 mbpd. Earlier, the prices retreated after the Saudi Arabia, world’s largest Oil exporter cut-down the prices of its exports to Asia & parts of Europe. Globally, the slowing demand from China & uncertain FOMC future monetary view makes the Oil volatile. Sideways trading may be recommended for the day in WTI Oil.

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Daily Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 77.00000
R2 74.44000
R1 72.81000
Turnaround 71.88000
S1 70.25000
S2 69.32000
S3 66.76000
By Research Team Thursday, Jan 11, 2024
US30

    • 1.53pmW1
    • High37838
    • Low37730
    • Close37826

US30 is trading at  37816, 0.09% up since previous day close. The U.S markets seems to be trading slightly on positive side amid upcoming inflation rate data which may affect the Fed monetary stance in forthcoming meetings. Earlier in this week, the US30 recovered as technology shares outperforms over optimism looms on AI hype & exposure. Last week, the U.S issued robust Nonfarm Payroll data which made the rate-cut decision suspicious in the upcoming Fed meetings. The result of Jobless Claims data remains in focus for the day. As seen in the weekly chart, the index is trading in a buying zone since it successfully breached the channel pattern & hence, an upside may be maintained further. Buying on dips may be suggested for the day in US30.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 38242.00000
R2 37987.00000
R1 37848.00000
Turnaround 37642.00000
S1 37563.00000
S2 37387.00000
S3 37102.00000
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