fbpx

Register for MT4 Demo Account

Register for xStation Account

Escalating U.S-China Trade War, Awaiting for Fed Minutes and Indices Trades Range Bound

By Research Team Wednesday, Jul 5, 2023
EUR/USD

    • 9.08amd1
    • High1.08907
    • Low1.08748
    • Close1.08757

EUR/USD is trading at 1.08784, 0.04% down since previous day close. The range bound trading can be seen in EUR/USD amid steady USD as traders waits for FOMC Minutes release due today; giving more cues over future monetary policy. Last week, the pair remained sluggish on account of hawkish Fed & other major Central Bank’s monetary stance in future course of time. The Euro-zone Final Manufacturing PMI fell to 43.4 from 43.6 in the previous month while the focus will be on Final Services PMI figures which will be out today. As seen in the chart, the pair is firmly trading within the converging trend-lines & is hovering near MA (10), MA (20) & MA (100). Sideways trading may be recommended for the day.

Read More… Read Less

Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.09126
R2 1.08964
R1 1.08859
Turnaround 1.08802
S1 1.08670
S2 1.08640
S3 1.08478
By Research Team Wednesday, Jul 5, 2023
CHNIND

    • 9.25amd1
    • High6533
    • Low6415
    • Close6428

CHNIND is trading at 6428.3, 0.11% down since previous close. The Chinese stocks retreated heavily on Wednesday amid escalating trade-tension between U.S & China after China imposed curbs on exports of chipmaking materials to U.S. On data front, the Caixin Services PMI fell to 53.9 from 57.1 in the previous month which further subdued the index. Earlier, the traders digested the negative effect of hawkish outlook over monetary policy in near future as mentioned by major Central Banks chiefs; how-so-ever, the outcome of FOMC Minutes will remain in focus for the day. As seen in the chart, although the CHNIND is trading within the trend-lines yet it is still hovering near MA (200) which acts as a major support level. Wait & watch strategy may be build-up for the day in CHNIND.

Read More… Read Less

Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 6700.00000
R2 6611.00000
R1 6563.00000
Turnaround 6522.00000
S1 6474.00000
S2 6433.00000
S3 6344.00000
By Research Team Wednesday, Jul 5, 2023
SILVER

    • 9.47amd1
    • High23.003
    • Low22.913
    • Close22.921

Silver is trading at $22.920, 0.12% up since previous close. The mixed USD ahead of FOMC Meeting Minutes due to be released today made the precious metals expensive. The rising tension between U.S & China pushed up the safe haven instruments. Earlier, the traders took a sigh of relief over panic aroused from hawkish U.S Fed Chair Powell speech regarding more rate hikes in this year which cushioned the Silver. Last week, the China’s PBoC cuts down its Prime Lending Rate (PLR) by 10 bps lower than expectation which dragged down the silver prices; for China is a major consumer of silver. Buying on corrective dips may be recommended for the day in Silver.

Read More… Read Less

Daily Outlook

SILVER

Intra Day
Near Day

Technical Levels

R3 23.35200
R2 23.14400
R1 23.05300
Turnaround 22.96300
S1 22.87200
S2 22.78200
S3 22.60100
footer-logo

XFlow Markets provides an entirely transparent access to the FOREX Market through two powerful trading platforms with excellent execution speed, a 24/5 client support system with no dealing desk involvement.

 

© 2024 XFlow Markets, All rights reserved.

Risk Warning: Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances.

You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.

 

XFlow Markets INC is incorporated in Saint Lucia with registration no. 2023/C088 governed by the Companies Act, Cap 13.01 of the revised laws of Saint Lucia.

XFlow Markets does not offer Contracts for Difference to residents of certain jurisdictions including the Belgium, Iran, Canada, North Korea, the USA, Cuba, Syria and FATF Black Listed Countries.

Telephone number: UAE: +971 43304431 Working hours: 7:00 AM - 5:00 PM (GMT+0)

XFlow Markets does not offer any fixed returns & guaranteed profits. Forex and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Your capital is at risk. Please consider our Risk Disclosure.

XFlow Markets does not guarantee any returns or profits. Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.