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Powell's Gradual Approach Towards Rate Hike weigh Down the Indices & USD

By Research Team Friday, Jan 11, 2019
FOREX

AUD/USD Outlook

    • 11.28am ISTD1
    • High0.72188
    • Low0.71815
    • Close0.72145

AUD/USD is trading at 0.71955 making a day-high of 0.71967 & day-low of 0.71453. The Aussie strengthened as against the soft USD after Fed Chair commented that Central Bank may remain patient towards interest rate hike in the near term. In Australia, the AIG Construction Index fell to 42.6 from 44.5 in the previous month whereas the Retail Sales grew by 0.4% from 0.3% earlier. The result of Westpac Consumer Sentiment data will remain watchful for the next week. Besides this, the global economic slowdown boosted the currencies. As seen in the chart, the pair crossed the short term Moving Averages & hence, slight buying may be recommended for the day in the pair AUD/USD.

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Morning Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.72774
R2 0.72260
R1 0.72039
Turnaround 0.71746
S1 0.71525
S2 0.71232
S3 0.70719
By Research Team Friday, Jan 11, 2019
COMMODITY

WTI OIL Outlook

    • 11.55am ISTD1
    • High52.64
    • Low52.13000
    • Close52.5

WTI Oil is trading at $52.56 making a day-high of $52.64 & day-low of $52.13. The Oil prices inched up on Friday on the hopes that OPEC may cut down its production level in order to manage the Oil markets. The EIA report showed a drop-down in Oil inventory level by 1.7 million barrels per day as against the expected fall of 2.4 million barrels per day. Earlier, the Oil traded at multi-year lows due to heavy selling pressure in equities on account of wide currency fluctuations. Ongoing U.S-China trade war will remain vital for the prices as China is a major Oil consuming country. The outcome of U.S Baker Hughes report will remain in focus for the day. Slight buying momentum may be suggested in WTI oil.

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Morning Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 54.92000
R2 53.53000
R1 52.91000
Turnaround 52.14000
S1 51.52000
S2 50.86000
S3 49.36000
By Research Team Friday, Jan 11, 2019
INDICES

ITA40 Outlook

    • 11.40am ISTD1
    • High19276
    • Low18946
    • Close19226

ITA40 is trading at 1926 making a day-high of 19276 & day low of 18946. The European indices may open weak on Friday following the weakness in U.S stocks post comments of Fed Chair Jerome Powell hinting towards cautious efforts over interest rate hike in near term considering slowing economic growth. In Italy, the Retail Sales grew by 0.7% against the expectation of 0.2% & the Monthly Unemployment Rate dropped to 10.5% from 10.6% previously which cushioned the ITA40 to some extent. An ongoing U.S-Sino trade disputes & talks will remain crucial for indices. As seen in the chart, the ITA40 may test the major resistance level & hence, slight buying may be suggested for the day.

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Morning Outlook

ITA40

Intra Day
Near Day

Technical Levels

R3 19809.00000
R2 19479.00000
R1 19352.00000
Turnaround 19149.00000
S1 19022.00000
S2 18819.00000
S3 6648.00000