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WTI OIL, US100 and AUD/USD

By Research Team Tuesday, Aug 2, 2022
WTI OIL

    • 10.35amD1
    • High94.13
    • Low92.58
    • Close93.28

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.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 106.84000
R2 100.84000
R1 97.27000
Turnaround 94.84000
S1 91.27000
S2 88.84000
S3 82.84000
By Research Team Tuesday, Aug 2, 2022
US100

    • 10.12amW1
    • High12955.22
    • Low12883.92
    • Close12911.39

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.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 13480.35000
R2 13225.35000
R1 13088.20000
Turnaround 12969.73000
S1 12832.96000
S2 12714.40000
S3 12459.90000
By Research Team Tuesday, Aug 2, 2022
AUD/USD

    • 9.57amW1
    • High0.7032
    • Low0.69644
    • Close0.69696

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.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.71705
R2 0.70917
R1 0.70577
Turnaround 0.70129
S1 0.69789
S2 0.69341
S3 0.68553
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