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Indices Soars Down Amid Mixed Global Outlook while Gold Prices Inches Up

By Research Team Monday, Nov 27, 2023
USD/JPY

    • 9.55am4h
    • High149.765
    • Low148.888
    • Close148.992

USD/JPY is trading at 148.999, 0.13% up since previous day close. The slight buying momentum can be seen in YEN against the steady USD as traders waits for key economic data release from U.S & China this week. Last week, the currencies turned out to be trading much stronger amid uncertain Fed monetary outlook & Chinese PBoC’s move of injecting liquidity into the financial system. On data front, the Japan’s SPPI rate grew by 2.3% from 2.0% in the previous month which cushioned the pair USD/JPY. The result of Prelim Industrial Production & Retail Sales data remains in focus for the day. As seen in the chart, the pair crossed down the MA (10) & MA (20) which indicates further buying momentum in YEN against the USD on daily basis.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 150.46400
R2 149.95100
R1 149.67800
Turnaround 149.43800
S1 149.16500
S2 148.92800
S3 148.41200
By Research Team Monday, Nov 27, 2023
CHNIND

    • 10.18amd1
    • High6087
    • Low5948
    • Close5956

CHNIND is trading at        5956, 0.21% down since previous day close. The Chinese shares soared down ahead of the result of key economic data & PMI figures which are to be issued later in this week. Last week, the indices turned positive after Chinese PBoC left Prime Loan Rate steady & announced a cash injection into the financial system in order to boost the economic conditions. On global front, uncertain future Fed’s monetary outlook & ongoing Israel-Hamas geopolitical conflict remains vital for equity markets. Also, the result of U.S GDP rate & BoE meet will remain in focus. As seen in the chart, an index crossed down the Moving Averages of period 10 & 20 & hence, further downside may be expected. Slight selling bias may be recommended in CHNIND on an intraday basis.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 6253.00000
R2 6163.00000
R1 6118.00000
Turnaround 6073.00000
S1 6028.00000
S2 5983.00000
S3 5893.00000
By Research Team Monday, Nov 27, 2023

WTI Oil is trading at $74.78, 0.14% down since previous day close. The weakness can be seen in Oil prices ahead of the outcome of OPEC+ meeting which is to be held on November 30th; delayed from 26th November at Vienna with a focus on changes in Oil output0cut levels. Last week, the U.S Energy Information Administration (EIA) report showed a build-up in Oil inventory level by 8.7 mbpd higher than expected rise of 0.9 mbpd. This further weigh down the Oil prices. Escalating tension between Hamas & Israel & uncertain Fed monetary outlook may remain vital for Oil prices. As seen in the chart, the Oil is trading below the MA (10) & MA (20) which signals for further downside in Oil prices.

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 79.78000
R2 77.77000
R1 76.47000
Turnaround 75.76000
S1 74.46000
S2 73.75000
S3 71.74000
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