WTI Oil is trading at $93.12, 0.23% down since previous day close. The Oil prices retraced down ahead of OPEC+ meeting which is to be concluded on August 03; with a focus on changes in Oil output level. Last week, the Fed Chair turned less hawkish for future rate hikes which weakened the USD & hence, pushed up the dollar-denominated commodity like WTI Oil. The recent U.S Baker Hughes report showed a rise in Oil rig counts by 6 leading to 605 from 599 in the previous month. The prices rose after lower gas flows from Nerd Stream pipeline from Russia to Europe increases the demand of crude Oil. Wait & watch strategy may be adopted for the day in the commodity.

US100 is trading at 12903, 0.08% up since previous day close. The flat trading can be seen in U.S markets ahead of the release of Non-farm Payroll data which is set to issue on Friday. Also, the market will be looking forward to the result of corporate earnings & BoE’s meet later in this week. Last week, the US100 rallied as optimism loomed over market scenario & Fed’s gradual monetary tightening stance in the near future. The global markets rallied following an expected Fed rate hike move of 75 bps & the chance of lowering down interest rate hike process. As seen in the chart, although the index US100 is trading above Fibo level 61.8; yet it is trading near MA (10) & MA (20) which indicates the chances of strong breakout in breached or a reversal if sustained.

AUD/USD is trading at 0.70161, 0.12% up since previous day close. An upside can be seen in Aussie against the mixed USD as market waits for the key data event of U.S Non-farm Payroll release on Friday. The Reserve Bank of Australia (RBA) hiked its interest rate by 50bps from 1.35% to 1.85% as expected. Last week, the soft USD after Fed hiked rate as expected; however hinted for a slowdown in rate hike process in near future led buying bias in major currencies. However, the weaker than expected Chinese PMI figures may remain slightly negative factor for AUD/USD since Australia & China are trading partners. As seen in the chart, although the pair is trading within the channel pattern yet it is hovering near MA (10); which signal for chances of make or break situation.