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Oil Edges Higher Amid Saudi's Denial Over Production Rise

By Research Team Tuesday, Nov 22, 2022
US30

    • 10.45amW1
    • High33802
    • Low33734
    • Close33764

US30 is trading at 33778.8, 0.06% up since previous close. The range bound trading can be seen in indices as rise in Chinese Covid-19 cases may prompt Beijing to impose restrictions again. The mixed view looms over FOMC’s next monetary decision which is to be held in the month of December led steady momentum in the global indices. Last week, the U.S Existing Home Sales grew to 4.43M while the CB Leading Index fell by 0.8% versus 0.5% in the previous month. Besides this, the outcome of FOMC Meeting Minutes will be closely monitored on Wednesday. As seen in the chart, the index seems to be trading near resistance of previous highs & is also hovering near MA (100) which shows a strong breakout if breached.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 34370.00000
R2 34055.00000
R1 33895.00000
Turnaround 33740.00000
S1 33580.00000
S2 33425.00000
S3 33110.00000
By Research Team Tuesday, Nov 22, 2022
WTI Oil

    • 11.10amD1
    • High80.48
    • Low75.25000
    • Close80.34

WTI Oil is trading at $80.32, 0.28% up since previous day close. The Oil prices rallied from 10-month lows $75 after the Saudi Arabia denied the report stating an increase in Oil supplies in the near future. On contrary, the country is looking forward to supply cuts by 2 mbpd for the month of December which further pushed up the prices. Earlier, the prices retreated amid slowdown in consumption demand from China; being a major consumer of Oil. The result of U.S American Petroleum Institute (API) report will remain in focus for the day. As seen in the chart, the Oil is trading near major support level of previous lows which indicates the chances of reversal if sustained or a breakdown if breached.

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Daily Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 89.15000
R2 83.92000
R1 82.13000
Turnaround 78.69000
S1 76.90000
S2 73.46000
S3 68.23000
By Research Team Tuesday, Nov 22, 2022
NZD/USD

    • 10.22amD1
    • High0.61252
    • Low0.60953
    • Close0.6119

NZD/USD is trading at 0.61222, 0.02% down since previous day close. The Kiwi set to be trading slightly on lower side post release of Trade Balance data which showed a fall in surplus by 2129M higher than expectation. Also, the steady US Dollar as uncertainty looms over Fed’s upcoming monetary decision in December despite better U.S inflation data led selling pressure in other currencies. The RBNZ is to hold its meeting on Wednesday which will focus interest rate decision wherein a rate hike of 75bps is expected. As seen in the chart, the pair NZD/USD is hovering between converging Moving Averages of 200 & 20 which strongly indicates the chances of make or break momentum.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.62700
R2 0.61931
R1 0.61452
Turnaround 0.61162
S1 0.60683
S2 0.60393
S3 0.59624
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