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NZD/USD, NATURAL GAS and INDIA50

By Research Team Friday, May 13, 2022
NZD/USD

    • 9.32amW1
    • High0.62579
    • Low0.62342
    • Close0.62511

NZD/USD is trading at 0.62551, 0.23% down since previous day close. The Kiwi continued to trade on weaker side post release of Business NZ Manufacturing Index        which fell to 51.2 from 53.7 in the previous month. Also, the stronger USD amid rise in U.S CPI rate made counterpart currencies weaker. The Fed’s decision of increasing interest rate, the lockdown in China on account of rising Covid-19 cases & growing tension between Europe & Russia further weakened the commodity backed currencies. As seen in the weekly chart, the pair NZD/USD almost crossed down the major support level of previous lows i.e. 0.64000 & the RSI line is moving on lower side as well. Selling on pullback rallies may be recommended for the day in NZD/USD.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.64143
R2 0.63334
R1 0.62885
Turnaround 0.62525
S1 0.62076
S2 0.61716
S3 0.60907
By Research Team Friday, May 13, 2022
NATURAL GAS

    • 10.15amD1
    • High7.716
    • Low7.659
    • Close7.691

Natural gas is trading at $7.702, 0.02% down since previous day close. The Natural Gas prices slightly slid down on Thursday post release of Energy Information Administration (EIA) report which showed a rise in Natural gas inventory level by 76B almost same as previous figure. Earlier, the commodity tested multi-year high levels of $9.000 in the last month after Russia warned over halting Oil & gas supplies to Europe which affect its supply side. The mixed climatic conditions in U.S & European regions results into lesser consumption demand of heating fuels. As seen in the chart, the commodity contracted till previous lows of $6.500 levels & hence, buying may be seen for the day if upside prevailed further.

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Daily Outlook

NATURAL GAS

Intra Day
Near Day

Technical Levels

R3 8.64700
R2 8.11200
R1 7.90500
Turnaround 7.57700
S1 7.37000
S2 7.04200
S3 6.50700
By Research Team Friday, May 13, 2022
INDIA50

    • 9.58amD1
    • High16034
    • Low15873
    • Close15915

INDIA50 is trading at 15990, 0.08% up since previous day close. The mild recovery can be seen in INDIA50 after plunging down massively in the previous session amid mixed global cues. Earlier, the U.S showed a rise in CPI rate which worsens the growing inflationary tension & may contribute into more aggressive Fed rate hike stance in near future. Also, the FOMC hiked interest rate by 50 bps in order to curtail inflationary situation which led a selling pressure in equity markets. However, improving efforts in order to stabilize country’s economic conditions may turn bullish for SGX Nifty. As seen in the chart, the INDIA50 almost tested the previous lows of 15600 levels which signal for strong reversal if sustained & hence, slight buying bias may be maintained for the day.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 16522.00000
R2 16188.00000
R1 16016.00000
Turnaround 15854.00000
S1 15682.00000
S2 15520.00000
S3 15186.00000
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