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WTI OIL, JAP225 and EUR/USD

By Research Team Tuesday, Jul 26, 2022
EUR/USD

    • 9.08amD1
    • High1.02503
    • Low1.0222
    • Close1.02297

EUR/USD is trading at 1.02360, 0.05% up since previous day close. The EURO moved on higher side on Tuesday as traders remain cautious ahead of the FOMC meeting which is to be concluded on Wednesday with a hope of 75bps rate hike. Majorly, the ECB lifted its interest rate by 50 bps more than expectation which remained supportive for currency & equity markets. The Belgian NBB Business Climate fell to 2.8 from 1.8 in the previous month while the result of Money Supply will remain into focus. As seen in the chart, the pair EUR/USD started trading on higher side after testing the lower trend-line of channel pattern & hence, buying on lower side may be recommended for the day.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.03785
R2 1.02992
R1 1.02612
Turnaround 1.02199
S1 1.01819
S2 1.01406
S3 1.00613
By Research Team Tuesday, Jul 26, 2022
WTI OIL

    • 9.48amD1
    • High98.5
    • Low95.85
    • Close97.99

WTI Oil is trading at $98.00, 0.22% up since previous day close. The Oil prices reversed up from key level of $92 on Tuesday as chances of Russian gas supplies to Europe may increase the demand of crude Oil. Also, the steady USD ahead of FOMC meeting outcome cushioned the dollar denominated Crude Oil.  The U.S Baker Hughes report showed no major changes in Oil rig counts last week. The rising recession fear at global level which may cut down consumption demand of energy products & other global commodities dragged down the Oil prices. As seen in the chart, the Oil is trading near previous lows signaling for reversal if sustained or a breakdown if breached.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 103.22000
R2 99.30000
R1 97.75000
Turnaround 95.38000
S1 93.83000
S2 91.46000
S3 87.54000
By Research Team Tuesday, Jul 26, 2022
JAP225

    • 9.30amD1
    • High27703
    • Low27513
    • Close27663

JAP225 is trading at 27663.5, 0.07% up since previous day close. The flat to higher side movement can be seen in Asian shares as traders almost factored in the Fed’s aggressive rate hike move of 75bps which can be adopted in its upcoming meeting. Last week, the indices rallied after ECB hiked interest rate by 50 bps in order to lower down inflationary pressure. On the same line, the Bank of Japan (BoJ) left interest rate steady as expected; however, hinted for tightening approach in future if required. The Japan’s Trade Balance deficit lowered down by 1.93T below the expectation. As seen in the chart, the index formed ‘W-pattern’ wherein the JAP225 is trading at last level of ‘e’ which signifies major resistance level & hence; a breakout can be expected if breached.

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Daily Outlook

JAP225

Intra Day
Near Day

Technical Levels

R3 28269.00000
R2 28004.00000
R1 27861.00000
Turnaround 27739.00000
S1 27596.00000
S2 27474.00000
S3 27209.00000
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