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Riskier Assets Slips Heavily, Indices Trade Range Bound & Awaiting for U.S ADP Data

By Research Team Wednesday, Mar 31, 2021
USD/JPY

    • 9.55am ISTD1
    • High110.966
    • Low110.274
    • Close110.877

USD/JPY is trading at 110.928, 0.34% down since Tuesday. The USD surges to one-year highs amid rising U.S bond yields & inflation concern. The hopes towards new U.S infrastructural spending plan & speedy Covid-19 vaccine roll-out raises the chances of global growth & economic recovery which pushed up the greenback & weakens the safe havens instruments. In Japan, the Prelim Industrial Production fell by 2.1% weaker than the expectation -1.3% & the Retail Sales fell by 1.5% from -2.4% in the previous month. These further softened the pair USD/JPY. Upcoming event of U.S NFP data later in this week will remain in focus.  As seen in the chart, the USD/JPY almost crossed the major resistance of previous highs & hence further selling may be seen in YEN against the USD.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 111.49000
R2 110.83700
R1 110.59000
Turnaround 110.18400
S1 109.94300
S2 109.53100
S3 108.87800
By Research Team Wednesday, Mar 31, 2021
GOLD

    • 10.30am ISTD1
    • High1686.77
    • Low1677.91
    • Close1679.5

Gold is trading at $1679.62, 0.42% down since previous day close. A heavy sell-off can be seen in Gold prices since last session testing the recent lows of $1680 levels amid strong USD & rising U.S bond yields. Optimism over new fiscal stimulus bill focusing on infrastructure spending & evenly supply of Covid-19 vaccine remains supportive for Dollar; whereas the precious metal tumbles. The hedge fund default in U.S failed the support the riskier assets since the effect was short-lived. The result of U.S ADP result will be closely monitored. As seen in the Weekly chart, the Gold is strongly trading near major support of previous lows & hence, a breakdown or reversal can be seen further.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1763.93000
R2 1728.31000
R1 1706.61000
Turnaround 1692.69000
S1 1670.99000
S2 1657.07000
S3 1621.45000
By Research Team Wednesday, Mar 31, 2021
CHNIND

    • 10.12am ISTD1
    • High11116
    • Low10920
    • Close10959

CHNIND is trading at 10965, 0.19% down since previous day close. The Asian shares seem to be sliding down amid mixed global cues. The China posted better than expected PMI figure; wherein the Manufacturing PMI rose to 51.9 from 50.6 in the previous month & the Non-Manufacturing PMI climbed to 56.3 against the expectation 51.9. However, the positive effects to sustain since the rising bond yields suppress the equities. Besides this, the growing tension between U.S & China weakens the equities. The result of U.S ADP data will remain in focus for the day. As seen in the chart, the index is consecutively lower tops & lower bottoms which & is also expected to resist near MA(20). Selling on rallies may be suggested on daily basis.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 11327.00000
R2 11135.00000
R1 11057.00000
Turnaround 10943.00000
S1 10865.00000
S2 10751.00000
S3 10559.00000
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