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Mixed Euro-zone PMI Figures, Steady Oil Prices & Upcoming BoC Meet

By Research Team Wednesday, Dec 5, 2018
FOREX

EUR/USD Outlook

    • 4.32pm ISTD1
    • High1.13578
    • Low1.13163
    • Close1.13504

EUR/USD is trading at 1.13345 making a day-high of 1.13458 & day-low of 1.13163. The EURO turned slightly positive post release of Final Services PMI which increased to 53.4 from 53.1 in the prior month & the Retail Sales grew by 0.3% higher than the expectation of 0.2%. Besides this, the mixed USD over suspicious view regarding U.S-China trade resolution within 90-days & falling U.S Treasury bond yields cushioned the other currencies to some extent. The outcome of Euro-zone labor data & GDP rate will remain in focus on Thursday. As seen in the chart, the pair is almost trading below the resistance area & Moving Averages indicating the selling bias on an intraday basis.

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Evening Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.15590
R2 1.14589
R1 1.13996
Turnaround 1.13588
S1 1.12995
S2 1.12587
S3 1.11586
By Research Team Wednesday, Dec 5, 2018
COMMODITY

WTI OIL Outlook

    • 5.10pm ISTD1
    • High53.41
    • Low52.15000
    • Close53.12

WTI oil is trading at $53.15 making a day-high of $53.41 & day-low of $52.15. The tight range can be seen in the Oil prices as the market waits for the OPEC meeting which is to be held on December 06 at Austria focusing on the output levels. The API released its report showing a build-up in Oil stocks level by 5.36 million barrels per day higher than the previous figure of 3.45 million barrels per day.  Earlier, the price rallied after Saudi Arabia & Russia agreed to cut-down its oil output levels in order to stabilize the markets. The Canada said that it asked one of the largest Oil producing provinces, Alberta to reduce Oil output by 8.7% to offset over-building capacity of its pipeline. Slight selling may be seen for the day in Oil.

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Evening Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 57.42000
R2 55.30000
R1 53.94000
Turnaround 53.18000
S1 51.82000
S2 51.06000
S3 48.94000
By Research Team Wednesday, Dec 5, 2018
INDICES

AUS200 Outlook

    • 4.48pm ISTD1
    • High5684
    • Low5606.00000
    • Close5677

AUS200 is trading at 5678 making a day-high of 5684 & day low of 5606. The indices turned range bound due to thin liquidity in the markets as major indices are shut on account of national event. In Australia, the GDP data grew by just 0.3% much lower than the previous figure of 0.9% indicating slowdown in industrial activity due to U.S-Sino trade war. This overshadowed the positive effect of AIG Services Index which rose to 55.1 from 51.1 in prior month.              On Tuesday, the RBA showed no change in interest rate maintained at 1.50% as expected & hinted for further monetary easing if housing growth rate is achieved. Slight selling may be recommended for the day in AUS200.

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Evening Outlook

AUS200

Intra Day
Near Day

Technical Levels

R3 5982.00000
R2 5850.00000
R1 5805.00000
Turnaround 5718.00000
S1 5673.00000
S2 5586.00000
S3 5454.00000