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Steady Currencies Amid Hawkish Yellen Speech, Oil Prices Inches Up & Bullish U.S Equity Markets

By Research Team Wednesday, May 5, 2021
NZD/USD

    • 10.42am ISTD1
    • High0.71772
    • Low0.71427
    • Close0.71641

NZD/USD is trading at 0.71672, 0.28% up since Tuesday. The mixed trading can be seen in NZD/USD amid global cues. On data front, the number of employed people increased by 0.6% higher than expectation 0.3% & the Unemployment Rate dropped to 4.7% from 4.9% in the previous month. These factors slightly pushed up the pair NZD/USD. The GDT Price Index fell by 0.7% weaker than previous figure -0.1% which showed slower earnings from an auction of dairy products held in the country. Upcoming U.S NFP data will remain in focus later in this week. As seen in the chart, the pair reversed down from major resistance & crossed down the MA (10) & MA (20). Sideways trading may be suggested further.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.73305
R2 0.72428
R1 0.71979
Turnaround 0.71551
S1 0.71072
S2 0.70670
S3 0.69797
By Research Team Wednesday, May 5, 2021
GOLD

    • 11.10am ISTD1
    • High1783.4
    • Low1776.75
    • Close1778.9

Gold is trading at $1778.32, 0.07% down since previous close. The precious metals slid down on Wednesday against the soft USD after U.S Treasury Secretary Janet Yellen stated the chances of increasing interest rates in order to support economic conditions. Last week, the mounting Covid-19 cases in few countries leading to lockdown phase & uncertain equity markets pushed up the riskier assets. Globally, unveiling stimulus plan by Joe Biden & accommodative monetary policy remained supportive for Gold. As seen in the chart, the commodity is trading above MA (10); struggling to cross major resistance of $1800 level. This indicates strong buying if upside resumes.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1838.83000
R2 1810.96000
R1 1794.77000
Turnaround 1782.89000
S1 1766.80000
S2 1754.92000
S3 1726.95000
By Research Team Wednesday, May 5, 2021
INDIA50

    • 10.55am ISTD1
    • High14646
    • Low14486
    • Close14571

INDIA50 is trading at 14617, 0.05% down since previous day close. The INDIA50 seems to be trading volatile as RBI Governor Shaktikanta Das announced few monetary schemes in order to support Covid-19 aftermath; since it has affected the country massively. However, the rigorous efforts to vaccinate as many people as can create a positive sentiment amongst the traders & investors. Last week, the index moved on higher side following the U.S Fed’s failure of not hinting towards bond purchase tapering plan. The focus will remain on upcoming U.S NFP data which is to be issued later in the week. As seen in the chart, the INDIA50 is trading in a bearish channel pattern; trading near short term MA (10) & MA (20). The cautious approach may be recommended for the day.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 15287.00000
R2 14904.00000
R1 14678.00000
Turnaround 14521.00000
S1 14298.00000
S2 14138.00000
S3 13755.00000
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