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Gold Inches Up While Oil Steadies Ahead of FOMC Meet

By Research Team Tuesday, Sep 20, 2022
WTI OIL

    • 10.25amW1
    • High85.76
    • Low85.76
    • Close85.33

WTI Oil is trading at $85.34, 0.02% down since previous day close. The tight range can be seen in Oil prices ahead of the Fed meeting which is to be scheduled on Wednesday; showing the interest rate decision. Last week, the U.S Baker Hughes report showed a rise in U.S rig counts by 8 leading to 599 from 591 in the previous month. Earlier, the slight upside was seen in Oil prices after Russia stopped the gas flow from Nerd Stream Pipeline 1 to Germany. The OPEC & its allies hinted for output cut in the latest meeting in order to stabilize the volatile Oil prices. The result of U.S API report will be closely monitored today. Wait & watch strategy may be adopted for the day in WTI Oil.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 92.64000
R2 88.49000
R1 86.96000
Turnaround 84.34000
S1 82.81000
S2 80.19000
S3 76.04000
By Research Team Tuesday, Sep 20, 2022
USD/JPY

    • 9.45amD1
    • High143.297
    • Low142.932
    • Close143.239

USD/JPY is trading at 143.157, 0.02% down since previous day close. The range bound trading can be seen in YEN against the steady USD ahead of the U.S FOMC monetary decision due on Wednesday. The Japan’s National Core CPI grew by 2.8% from 2.4% in the previous month which slightly cushioned the pair USD/JPY. The better than expected Chinese key economic data remains bullish for the pair USD/JPY since Japan & China are the trading partners. The Bank of Japan (BoJ) is to meet on Thursday focusing on interest rate decision which may remain vital for USD/JPY. As seen in the chart, the pair is trading near MA (10) which acts as crucial level; indicating the chances of bearishness if sustained & a breakout if breached downside. The cautious trading can be recommended for the day.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 145.09900
R2 144.13400
R1 143.65900
Turnaround 143.16900
S1 142.69400
S2 142.20400
S3 141.23900
By Research Team Tuesday, Sep 20, 2022
AUS200

    • 10.08amD1
    • High6813
    • Low6777
    • Close6802

AUS200 is trading at 6807.3, 0.08% up since previous day close. The Asian shares slightly inches as investors seem to be gulping the aggressive rate hike stance from FOMC in the todays meet. Last week, the worst U.S inflation data led the downside in equity markets. In Australia, the number of employed people grew by 33.5K lower than expectation & also, the Unemployment Rate rose to 3.5% from 3.4% in the previous month. The result of MI leading Index data will remain in focus for the week. As seen in the chart, the index is trading near lower levels of previous lows which act as a major support level. If breached, fresh selling may be seen otherwise a buying pressure may be observed. Slight buying bias may be recommended for the day.

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Daily Outlook

AUS200

Intra Day
Near Day

Technical Levels

R3 6948.00000
R2 6845.00000
R1 6810.00000
Turnaround 6742.00000
S1 6707.00000
S2 6639.00000
S3 6536.00000
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