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Tight Range in Indices & Commodities Ahead of the Result of U.S Midterm Elections

By Research Team Tuesday, Nov 6, 2018
FOREX

USD/JPY Outlook

    • 10.05am ISTD1
    • High113.31
    • Low113.192
    • Close113.269

USD/JPY is trading at 113.268 making day-high of 113.310 & day-low of 113.192. The range bound USD as the market waits for the result of U.S mid-term Elections with an expectation of winning over by Diplomatic Party restricted the movement in other currencies as well. In Japan, the Household Spending fell by 1.6% from 2.8% in the previous month showing a decline in spending level by the consumer due to increasing inflation. The Meeting Minutes showed the chances of monetary easing further if expected growth rate is achieved. As seen in the chart, the pair crossed the short term Moving Averages towards upside & hence, the YEN may trade weaker against USD for the day.

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Morning Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 113.72400
R2 113.46000
R1 113.32600
Turnaround 113.19600
S1 113.06200
S2 112.93200
S3 112.66800
By Research Team Tuesday, Nov 6, 2018
COMMODITY

WTI OIL Outlook

    • 10.45am ISTD1
    • High63
    • Low62.85000
    • Close62.9

WTI Oil is trading at $62.90 making day-high of $63.00 & day-low of $62.85. The Oil prices traded sideways ahead of the result of American Petroleum Institute (API) report showing the changes in Oil stocks level as compared to last week. The U.S announced that some of the Oil importing ort showing the countries may continue to buy the Oil from Iran even after imposing the output sanctions on weigh down the prices. Last week, the EIA report showed an increase in Oil inventory level by 3.2 million barrels per day almost same as the estimation. As seen in the chart, the Oil almost crossed down the major support area of previous lows & hence, slight selling may be recommended further.

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Morning Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 66.33000
R2 64.72000
R1 63.70000
Turnaround 63.11000
S1 62.09000
S2 61.50000
S3 59.89000
By Research Team Tuesday, Nov 6, 2018
INDICES

DE30 Outlook

    • 10.22am ISTW1
    • High11549
    • Low11465
    • Close11499

DE30 is trading at 11499   making a day-high of 11549 & day low of 11465. The mixed momentum can be seen in the global indices due to multiple factors like release of U.S midterm Elections results, upcoming FOMC meet Brexit & Italian issue & U.S- China trade conflicts. Last week, the German Final Manufacturing PMI dropped to 52.2 from 52.3 in the previous month indicating slowing manufacturing & industrial progress due to global cues. The outcome of German Services PMI data will remain in focus today. Besides this, the strong U.S NFP figure pushed up the indices to some extent. As seen in the chart, the DE30 may take the support of lower tend-line of channel pattern & hence, buying on dips may be seen further.

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Morning Outlook

DE30

Intra Day
Near Day

Technical Levels

R3 11982.00000
R2 11774.00000
R1 11659.00000
Turnaround 11566.00000
S1 11451.00000
S2 11358.00000
S3 11150.00000