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China is to Unveil Stimulus Measures, Indices Trade Sideways While Oil Prices Inches Up

By Research Team Friday, Jul 21, 2023
AUD/USD

    • 10.25amd1
    • High0.67833
    • Low0.67586
    • Close0.67737

AUD/USD is trading at 0.67784, 0.21% up since previous day close. The Aussie seems to be trading on higher side post release of better employment figures released on Thursday. The number of employed people rose to 32.6K against estimation of 15.4K & the Unemployment Rate fell to 3.5%. Besides this, the China is to unveil stimulus measures in order to boost the economic conditions & hence, further pushed up the AUD/USD since China & Australia are the trading partners. Globally, uncertain Fed monetary stance in upcoming meeting will remain vital for the pair AUD/USD. As seen in the chart, the pair retraced down till MA (100 which may turn out to be major support level. Slight buying bias may be established for the day in AUD/USD.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.69514
R2 0.68748
R1 0.68265
Turnaround 0.67982
S1 0.67499
S2 0.67216
S3 0.66450
By Research Team Friday, Jul 21, 2023
UK100

    • 10.45amd1
    • High7644
    • Low7629
    • Close7636

UK100 is trading at 7641, 0.32% up since previous day close. The flat-to-low range can be seen in UK100 on Friday against the steady USD ahead of the major Central Banks meet next week. Earlier in a week, the weaker USD, chances of stimulus package offering in China & probability of Fed less gawkish future monetary stance led buying pressure in UK100. The U.K CPI rate showed a rise of 7.9% much lower than previous figure 8.7% which signaled for progressive inflation scenario & hence, pushed up the UK100. The result of Retail Sales & Publish Sector Net Borrowing data will remain into focus for the day. As seen in the chart, the UK100 is firmly trading above the short-term Moving Averages & hence, buying on dips may be suggested for the day.

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Daily Outlook

UK100

Intra Day
Near Day

Technical Levels

R3 7786.00000
R2 7704.00000
R1 7672.00000
Turnaround 7622.00000
S1 7590.00000
S2 7540.00000
S3 7458.00000
By Research Team Friday, Jul 21, 2023
OIL

    • 11.08amd1
    • High76.45
    • Low75.69
    • Close76.32

WTI Oil is trading at $76.26, 0.26% up since previous day close. The Oil prices edges higher on Friday 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 EIA report showed a mild fall in Oil inventory levels by 0.7 mbpd against the expected fall of 2.0 mbpd. Earlier in this week, the Oil slid down to $74 on an account of weaker than expected Chinese GDP figures. The result of U.S Baker Hughes report will remain in focus for the day. Slight buying bias may be recommended for the day in WTI Oil since the commodity moved up from short-term MA (10) & MA (20).

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 78.93000
R2 77.19000
R1 76.50000
Turnaround 75.45000
S1 74.76000
S2 73.71000
S3 71.97000
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