WTI Oil is trading at $77.18, 0.08% down since previous day close. The Oil prices inches up on Tuesday as Hurricane Ian seems to be disrupting the production & supplies level in the Gulf of Mexico. Earlier, the prices widely slid down below the $80 levels against the strong USD post Fed meeting which not only raised an interest rate by 75bps but also hinted for more aggressive rate hike stance in the future meetings; for this weakens currency backed commodities. The recent U.S API report showed a mild rise in Oil stocks level which failed to create any impact on Oil prices. As seen in the chart, the Oil is trading near support level of long term MA (100) & hence, make or break situation can be expected further.

US100 is trading at 11390.8, 0.03% up since previous day close. The U.S markets seem to be recovering to some extent on Tuesday after witnessing massive losses in the previous two sessions. Last week, the FOMC revealed an interest rate hike of 75bps leading to the range of 3.00% to 3.25%. However, the Fed remains more hawkish for future monetary policy; for hinting more aggressive rate hikes. The rising inflationary fear & escalating geopolitical tensions led the buying in US Dollar Index & selling in global equity markets. The Fed Powell’s speech & Consumer Confidence data will remain vital for the day. As seen in the chart, the US100 is trading near major support level of previous lows & hence, the cautious trading may be recommended for the day.

EUR/USD is trading at 0.96343, 0.06% down since previous day close. The mixed trading can be seen in EURO after soaring down to two-decade lower levels against the surging USD as recessionary tension looms across the globe. On geopolitical terms, the Russia ordered mobilization of reserve troops in an escalation of the war in Ukraine which intensifies tension; further lowering downs the EURO. Last week, the FOMC raised an interest rate by 75bps as expected while turning more hawkish than expected for future monetary stance led heavy sell-off in other basket of currencies. As seen in the chart, the pair crossed down the bearish channel pattern & hence, selling on higher levels may be recommended on short term basis.