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Gold Corrects & Indices Trades Steady Ahead of Fed Meet

By Research Team Tuesday, Mar 21, 2023
USD/CAD

    • 9.42amD1
    • High1.36904
    • Low1.36617
    • Close1.36892

USD/CAD is trading at 1.36886, 0.06% up since previous day close. The mixed trading can be seen in Canadian Dollar (CAD) as market is waiting for the result of U.S FOMC meeting which will be beginning from today. Globally, the steady USD after FOMC & other Central banks hinted to assist the economies with liquidity aid in order to maintain global stability led slight buying bias in other basket of currencies. The declining Oil prices limits the gain in CAD since Loonie & Oil are directly correlated. The market will be looking forward to the result of Canada’s CPI data today. As seen in chart, the W-pattern has been formed in the pair USD/CAD which indicates the chances of reversal once the last level ‘e’ of pattern will be tested. Slight buying CAD may be recommended against USD further.

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Daily Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.38816
R2 1.37886
R1 1.37293
Turnaround 1.36904
S1 1.36337
S2 1.35948
S3 1.34992
By Research Team Tuesday, Mar 21, 2023
INDIA50

    • 10.05amD1
    • High17113
    • Low17033
    • Close17078

INDIA50 is trading at 17073, 0.03% down since previous day close. The flat momentum can be seen in SGX Nifty in early trade on Tuesday as market still shows the banking crisis panic & remains cautious ahead of the U.S FOMC meeting outcome on Wednesday. Over this weekend, the FOMC & other Central banks revealed a plan to inject liquidity aid to economies soon after UBS agreed to buy Credit Suisse Bank. This led positive effect amongst the traders to some extent. The falling Crude Oil prices turns bullish for INDIA50 since India is a major importer of Oil. As seen in the chart, the index formed a double bottom at 16800 levels which was major previous low & also, the fundamental supports the technical levels. Buying on dips may be recommended for the day in INDIA50.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 17572.00000
R2 17292.00000
R1 17195.00000
Turnaround 17012.00000
S1 16915.00000
S2 16732.00000
S3 16452.00000
By Research Team Tuesday, Mar 21, 2023
WTI Oil

    • 10.25amD1
    • High68.05
    • Low66.92
    • Close67.15

WTI Oil is trading at $67.15, 0.04% down since previous day close. The sideways trading can be seen in Oil prices amid mixed USD ahead of the U.S FOMC meeting which will reveal its monetary decision on Wednesday. Earlier in this, the mild recovery can be seen in Oil prices on Monday after Fed & other major Central Banks planned to provide liquidity aid to economies to stabilize the global conditions. This may arouse the demand side for major commodities as well; which pushed up the oil prices. The focus will be on the result of U.S API estimates which will be issued today. As seen in the chart, the Oil is trading below the major consolidation phase & selling on rallies may be continued to be adopted in Oil.

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Daily Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 73.67000
R2 70.14000
R1 68.87000
Turnaround 66.61000
S1 65.34000
S2 63.08000
S3 59.55000
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