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Steady Momentum Can be Seen in Indices & Currencies

By Research Team Friday, Nov 18, 2022
USD/CAD

    • 9.55amD1
    • High1.3329
    • Low1.33001
    • Close1.33125

USD/CAD is trading at 1.33174, 0.02% up since previous day close. The range bound trading can be seen in USD/CAD amid mixed global cues. Globally, the suspicious view over interest rate hike decision in Fed’s next meeting after one of the FOMC members warned investors for getting carried away over better inflation figures led steady momentum in other currencies. The Canada’s CPI grew by 0.7% versus previous figure of 0.1% while the result of Foreign Securities Purchases will remain into focus. As seen in the chart, the pair USD/CAD is trading near long term MA (100) which acts as a make or break point. A reversal can be seen if sustained or a sharp breakdown can be expected if breached. Wait & watch strategy may be adopted in USD/CAD.

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Daily Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.35360
R2 1.34396
R1 1.33818
Turnaround 1.33432
S1 1.32854
S2 1.32468
S3 1.31501
By Research Team Friday, Nov 18, 2022
JAP225

    • 10.15amW1
    • High28198
    • Low27723
    • Close27946

JAP225 is trading at 27973.8, 0.03% up since previous close. An upward momentum can be seen in JAP225 as mixed view looms over Fed’s next monetary decision which is to be held in the month of December. The Japan’s National Core CPI grew by 3.6% from 3.0% in the previous month which result into buying pressure in JAP225. On Wednesday, the indices slightly plunged after Poland claims to get struck by Russian-led missile & have killed two of its people. This has aroused a panic amongst the global level & hence, the G20 meeting has seen to be continued with a concern over the same. As seen in the chart, the index seems to be trading near resistance of previous highs & also, near MA (100) which shows a strong breakout if breached.

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Daily Outlook

JAP225

Intra Day
Near Day

Technical Levels

R3 28378.00000
R2 28128.00000
R1 27988.00000
Turnaround 27878.00000
S1 27738.00000
S2 27628.00000
S3 27378.00000
By Research Team Friday, Nov 18, 2022
NATURAL GAS

    • 10.38amW1
    • High6.742
    • Low6.67000
    • Close6.68

Natural Gas is trading at $6.707, 0.06% up since previous close. The Natural Gas prices inches up post release of U.S Energy Information Administration (EIA) report wherein the Natural gas storage level rose by 64B lower than expectation 66B. Also, the soft USD amid mixed global cues led slight buying pressure in agri-commodities since they are inversely correlated. The change in climatic conditions in European & U.S regions raised the consumption demand of heating fuels like Natural Gas. As seen in the chart, the commodity traded at major support level of previous lows & hence, formed double bottom. Buying bias may be recommended for the day in Natural gas.

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Daily Outlook

NATURAL GAS

Intra Day
Near Day

Technical Levels

R3 7.75300
R2 7.15200
R1 6.94800
Turnaround 6.55100
S1 6.34700
S2 5.95000
S3 5.34900
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