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RBA Left Interest Rate Unchanged, Strong Euro-zone Services PMI & Awaiting for API Oil Estimates 5 Attachments

By Research Team Tuesday, Nov 6, 2018
FOREX

AUD/USD Outlook

    • 2.55pm ISTD1
    • High0.72338
    • Low0.72038
    • Close0.72313

AUD/USD is trading at 0.72374 making a day-high of 0.72388 & day-low of 0.72038. The Aussie strengthened as against the USD ahead of the outcome of U.S Congressional Elections exit polls which is to be revealed late Tuesday. The Reserve Bank of Australia (RBA) left interest rate constant at 1.50% as expected & hinted for monetary easing if housing sector seems to be progressive further. The AIG Services Index fell to 51.1 from 52.5 in the previous month & the ANZ Job Advertisements grew by 0.2% against -0.7% previously. As seen in the chart, the pair is trading near upper trend-line of channel pattern & hence, the cautious trading may be adopted in AUD/USD for the day.

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Evening Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.72733
R2 0.72384
R1 0.72252
Turnaround 0.72031
S1 0.71903
S2 0.71686
S3 0.71337
By Research Team Tuesday, Nov 6, 2018
COMMODITY

SOYBEAN Outlook

    • 3.25pm ISTD1
    • High888.51
    • Low884.48000
    • Close885.76

Soybean is trading at $886.00 making a day-high of $888.53 & day-low of $884.48. The Soybean prices moved on the higher side as compared to last week after the conflicts between U.S & China seems to easing down as both the countries may undergo a trade agreement in G20 summit which is to be held later in this month, since China is a major consumer of Soybeans. Also, unfavorable climate in Brazil Argentina affects the production & output of beans resulting into higher prices. The firm USD due to mixed global cues cushioned the other currencies & commodities. As seen in the chart, the Soybean reversed upside from previous lows & hence, is expected to test the next target of $910 levels.

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Evening Outlook

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 908.49700
R2 897.24800
R1 890.75300
Turnaround 885.99600
S1 879.03300
S2 874.74000
S3 863.49600
By Research Team Tuesday, Nov 6, 2018
INDICES

JAP225 Outlook

    • 3.10pm ISTD1
    • High22178
    • Low21979.00000
    • Close22088

JAP225 is trading at 22088 making day-high of 22178 & day-low of 21979. The positive sentiments can be seen in the market ahead of the result of U.S Congressional Elections with an expectation of a winning of Diplomatic Party & Republican Party may remain in Senate. 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. On Monday, the BoJ Meeting Minutes showed the chances of monetary easing further if expected growth rate is achieved which cushioned the index slightly. The Japan is to issue its Average Cash earnings data on Wednesday. As seen in the chart, the index is hovering near Fibo level 38.2 & hence, a breakout can be seen if crossed successfully.

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Evening Outlook

JAP225

Intra Day
Near Day

Technical Levels

R3 24957.00000
R2 24606.00000
R1 24432.00000
Turnaround 25255.00000
S1 24081.00000
S2 23904.00000
S3 23553.00000