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Range Bound Indices Ahead of U.S Fed Minutes Release While Gold Inches Up

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

    • 9.33amw1
    • High1.37297
    • Low1.37048
    • Close1.37114

USD/CAD is trading at 1.37111, 0.13% up since previous day close. The CAD strengthened against the soft USD ahead of the release of U.S Fed Minutes due today late evening. The rising hopes over a rate cut in the year 2024 led the selling pressure in USD & U.S bond yields while this cushioned other basket of currencies. The Chinese stimulus aid further boosted the global sentiments. The Canada is to issue its inflation data today which will be closely monitored. As seen in the chart, the pair reversed down after testing the major resistance of previous highs & is currently hovering near MA (10) & MA (20). If breached the level, a strong breakdown can be expected & hence, slight buying may be noticed in CAD against the USD.

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Daily Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.38408
R2 1.37813
R1 1.37538
Turnaround 1.37218
S1 1.36943
S2 1.36623
S3 1.36028
By Research Team Tuesday, Nov 21, 2023
US100

    • 9.52amd1
    • High16122
    • Low16092
    • Close16107

US100 is trading at 16113.3, 0.12% up since previous close. The U.S markets moved slightly on higher side after U.S major tech company, the Microsoft, hired AI executives which widely boosted up the global sentiments. Also, the traders will be eyeing the outcome of U.S Fed Minutes which is to be issued today. Besides this, the Chinese PBoC steps of leaving Prime Loan Rate steady & injecting the stimulus aid into financial system made the global equity markets to trade on higher side. The result of Existing Home Sales data will be closely monitored for the day. As seen in the chart, the index is hovering near the major resistance of previous highs & hence, a breakout can be seen if breaches the level otherwise a reversal can be seen if sustained.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 16573.00000
R2 16295.00000
R1 16197.00000
Turnaround 16017.00000
S1 15919.00000
S2 15739.00000
S3 15461.00000
By Research Team Tuesday, Nov 21, 2023
OIL

    • 10.08amd1
    • High77.79
    • Low77.3
    • Close77.52

WTI Oil is trading at $77.48, 0.06% down since previous day close. The Oil prices retreated to some extent on Tuesday ahead of the release of U.S American Petroleum Institute (API) report which will show the changes in Oil stocks level as compared to last week. The focus will be on OPEC+ meeting which is to be held on November 26th, at Vienna to show the changes in Oil output levels. The escalating tension between Hamas & Israel & forthcoming event of U.S Fed Minutes release may remain vital for Oil prices. The cautious trading may be recommended for the day in WTI Oil since the commodity is trading near MA (10) & MA (20) & MA (100). An either side breakout can be seen for the day in WTI Oil.

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 82.41000
R2 79.80000
R1 78.72000
Turnaround 77.31000
S1 76.17000
S2 74.70000
S3 72.21000
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