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Fed's Dovish Tone Lifts EUR/USD, Aussie Stocks Slip, Oil Falls to $72.50.

By Research Team Monday, Sep 2, 2024
EUR/USD

    • 11.30amD1
    • High1.1098
    • Low1.1043
    • Close1.1047

EUR/USD is trading at 1.1059, 0.12% up since previous day close. After three days of losses, the EUR/USD pair ends its run, trading at 1.1050 on Monday morning. There was less liquidity due to a holiday in the US and Canada. The pair’s upward movement may be explained by the US Dollar’s tepidity in the wake of the Federal Reserve’s dovish comments. The daily chart analysis indicates that since the trend is above the 50-day MA, it may continue to rise. The resistance closest to us is 1.1094.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.1244
R2 1.1203
R1 1.1094
Turnaround 1.1047
S1 1.1021
S2 1.0967
S3 1.0912
By Research Team Monday, Sep 2, 2024
US30

    • 11.35amD1
    • High41583.00
    • Low41141.00
    • Close41551.00

US 30   is trading at 41512, 0.07% down since previous day close. Mining and energy firms led the decline in Australian shares on Monday, as investors awaited the release of the June quarter economic growth data to determine the direction of interest rates. The United States’ economic data indicated that the Federal Reserve will probably lower interest rates by a lesser amount. A gap down opening indicates a negative trend, according to the daily chart. 41106 and 41630 are the closest points of support and resistance.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 42178.00
R2 41910.00
R1 41630.00
Turnaround 41333.00
S1 41106.00
S2 40602.00
S3 40004.00
By Research Team Monday, Sep 2, 2024
WTI

    • 11.40amD1
    • High73.74
    • Low73.49
    • Close73.50

WTI is trading at 73.93, 0.85% down since previous day close. The price of West Texas Intermediate Oil drops for the second straight session on Monday during Asian hours, closing at around 72.50 per barrel. The Organization of the Petroleum Exporting Countries and their allies’ intentions to boost output in the upcoming quarter may be connected to this decline. Daily chart analysis indicates that an opening gap down indicates a downtrend. The nearest resistance is at 77.26, while the closest support is at 72.39.

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 80.22
R2 79.14
R1 77.26
Turnaround 72.61
S1 72.39
S2 70.05
S3 68.90
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