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Sluggish Momentum Seems to be Holding Ground in Indices & Currencies

By Research Team Monday, Aug 8, 2022
USD/JPY

    • 10.00amD1
    • High135.58
    • Low135.033
    • Close135.233

USD/JPY is trading at 135.273, 0.08% down since previous day close. The strong USD post release of upbeat U.S Non-farm Payroll data led a selling pressure in other major currencies. On data front, the Japan’s Bank Lending rate grew by 1.8% from 1.2% in the previous month & the Current Account surplus rose to 0.84T against the expectation -0.03T. Earlier, the YEN appreciated after Fed hiked interest rate as expected; however hinted for a slowdown in rate hike process in near future.    The result of country’s PPI data will remain in focus for the week. As seen in the chart, the pair is trading above the trend-line & also, the RSI line started reversing up from lower level 20. This indicates the chances of further selling in YEN against the USD.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 140.20700
R2 137.27900
R1 136.13300
Turnaround 134.35100
S1 133.20500
S2 131.42300
S3 128.49500
By Research Team Monday, Aug 8, 2022
NATURAL GAS

    • 10.37amD1
    • High7.892
    • Low7.826
    • Close7.868

Natural gas is trading at $7.875, 0.05% down since previous day close. The Natural gas slipped later in the last week post issue of Energy Information Administration (EIA) report which showed a rise in Natural gas inventory levels by 41B from 15B in the previous week. This indicates more supplies against the steady demand which dragged down the prices. However, the prices tested $9.00 levels after Russian decreased the gas flows to Europe via Nord Stream pipeline. The change in climatic conditions in U.S & European regions lowered down the consumption demand of Natural gas. As seen in the chart, the commodity is hovering near MA (10) & MA (20) which signals for either side breakout on daily basis.

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Daily Outlook

NATURAL GAS

Intra Day
Near Day

Technical Levels

R3 8.71500
R2 8.37800
R1 8.18200
Turnaround 8.04100
S1 7.87500
S2 7.70400
S3 7.36570
By Research Team Monday, Aug 8, 2022
GER30

    • 10.15amD1
    • High13627.8
    • Low13590.3
    • Close13626.8

GER30 is trading at 13611, 0.03% down since previous day close. The indices seem to be trading slightly weaker despite strong outcome of U.S Non-farm Payroll data. The traders & investors expect a rate hike of more 75bps in the next Fed meeting which again arouses some sort of fear in equity markets. Last week, the better earnings results & cooling down Oil prices led buying pressure in equity markets. The German Industrial Production grew by 0.4% from -0.1% in the previous month while the Factory Orders fell by 0.4% weaker than prior figure of 0.2%. As seen in the chart, the GER30 is trading above the major support level of previous lows; however RSI line is trading near major resistance of 70. Sideways trading may be suggested for the day.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 13891.33000
R2 13755.33000
R1 13687.66000
Turnaround 13619.33000
S1 13551.63000
S2 13483.33000
S3 13347.33000
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