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USD/JPY, WTI OIL and INDIA50

By Research Team Tuesday, May 10, 2022
USD/JPY

    • 10.45amD1
    • High130.548
    • Low129.79
    • Close130.397

USD/JPY is trading at 130.446, 0.09% down since previous day close. The weakness continued to be seen in safe haven instruments against the stronger USD & rising bond yields after FOMC hikes an interest rate by 50 bps as expected. The Japan’s Household Spending fell by just 2.3% against 1.1% in the prior month. Globally, the worsening situation between Russia & Europe over Oil & gas ban issues & escalating Covid-19 cases in China supports USD & softened the other currencies. As seen in the chart, the pair is trading within the bullish channel pattern & RSI line is trading near higher level of 80. Selling in JPY may be recommended against USD for the day.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 133.08000
R2 131.85000
R1 131.11500
Turnaround 130.61100
S1 129.87600
S2 129.37200
S3 128.13300
By Research Team Tuesday, May 10, 2022
GOLD

    • 11.25amW1
    • High1865.44
    • Low1852.53
    • Close1863.56

Gold is trading at $1864.32, 0.21% down since previous day close. The selling pressure continued to be seen in Gold prices since last few sessions against strong USD post FOMC decision of raising interest rate by 50bps to control the inflationary situation. Moreover, the mounting Covid-19 cases in China lowered down the consumption demand of metals & gold since China is a top consumer of commodities. The EU talks over Russia Oil & gas supplies ban will remain vital for overall instruments. As seen in the chart, although the commodity is still trading within the bullish channel pattern yet it lowered down from major resistance level & is hovering near MA (20). Slight bearishness may be expected for the day in Gold.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1923.71000
R2 1893.27000
R1 1873.98000
Turnaround 1862.83000
S1 1843.54000
S2 1832.39000
S3 1801.95000
By Research Team Tuesday, May 10, 2022
INDIA50

    • 11.08amD1
    • High16325
    • Low16078
    • Close16302

INDIA50 is trading at 16290, 0.06% up since previous day close. The mild recovery can be seen in INDIA50 after sliding down to lower levels in the last week as fear holds a ground over global recession. Earlier, the FOMC hiked interest rate hike by 50 bps in order to curtail inflationary situation which led a selling pressure in equity markets. The rising Covid-19 cases in China leading to lockdowns further pressurize the INDIA50. On regional front, the striving efforts over economic growth & improving banking sector may lead to bullishness in future course. As seen in the chart, the INDIA50 is trading below the major Fibo level 61.8 which indicates the chances of selling bias if sustained & the target of 15700 can be seen if slides down further.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 16786.00000
R2 16513.00000
R1 16351.00000
Turnaround 16240.00000
S1 16078.00000
S2 15967.00000
S3 15694.00000
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