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Indices & Gold Surges Up, Soft U.S Retail Sales Figures & Focus will be on U.S EIA Estimates

By Research Team Wednesday, Jul 19, 2023
NZD/USD

    • 9.55amd1
    • High0.62997
    • Low0.62599
    • Close0.62944

NZD/USD is trading at 0.62636, 0.16% down since previous day close. The Kiwi lost the momentum post CPI data release wherein the rate grew by 1.1% higher than expectation 0.9% which signals for more inflationary pressure in an economy.  This may lessen up the chances of monetary easing steps from RBNZ in near future. On Tuesday, the GDT Price Index data fell by 1.0% against the previous fall of 3.3% which turned out to be slightly negative for NZD/USD. Globally, uncertain FOMC monetary stance in upcoming meeting will remain vital for the pair NZD/USD. As seen in the chart, the pair retraced down till MA (100) & nearest Fibo level 50.0 may turn out to be next support level. The cautious trading may be recommended for the day in NZD/USD.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.64674
R2 0.63834
R1 0.63389
Turnaround 0.62994
S1 0.62549
S2 0.62154
S3 0.61310
By Research Team Wednesday, Jul 19, 2023
US100

    • 10.15amd1
    • High15967
    • Low15952
    • Close15961

US100 is trading at 15957.3, 0.32% up since previous close. The U.S markets rallied against the mixed USD amid uncertain Fed monetary decision in its upcoming meeting which is to be held in next week. On data front, the U.S Retail Sales grew by 0.2% lower than expectation 0.4% & the Industrial Production fell by 0.5% same as previous figure. These failed to create any major impact on US100. The result of U.S Housing data will remain into focus for the day. Besides this, the traders are looking at the stimulus packaged offering & key interest rate cut-down decision by PBoC which creates positive sentiments. As seen in the chart, the index almost crossed over the major resistance level & a strong breakout may be witnessed if upside prevailed further.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 16499.00000
R2 16203.00000
R1 16081.00000
Turnaround 15907.00000
S1 15785.00000
S2 15611.00000
S3 15315.00000
By Research Team Wednesday, Jul 19, 2023
OIL

    • 10.34amd1
    • High25.104
    • Low24.993
    • Close25.006

WTI Oil is trading at $75.32, 0.09% up since previous day close. The Oil prices resumed its upward momentum on Wednesday after China unveils the plan of offering the stimulus package to Beijing in order to support economic conditions; since China is a major Oil consuming country. The U.S American Petroleum Institute (API) issued a report showing a mild fall in Oil stocks level by 0.79 mbpd against the expected fall of 2.25 mbpd. On Monday, the Oil slid down on an account of weaker than expected Chinese GDP figures. The Oil production & supplies resumes at Libyan Oilfields which subdued the prices. The result of U.S EIA will remain in focus for the day. Slight buying bias may be recommended for the day in WTI Oil.

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 25.80900
R2 25.40000
R1 25.22100
Turnaround 24.99100
S1 24.81200
S2 24.58200
S3 24.17300
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