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Powell's Sign Towards Recovery Economic Conditions, Weak New Zealand Labor Data & Soaring Gold Prices

By Research Team Thursday, Feb 7, 2019
FOREX

NZD/USD Outlook

    • 2.48pm ISTD1
    • High0.67767
    • Low0.67431
    • Close0.67577

NZD/USD is trading at 0.67530, 0.45% down since Wednesday. The Kiwi lost the momentum post outcome of weak labor data.       The number of employed people grew by just 0.1% lower than the expectation of 0.3% & the Unemployment Rate rose to 4.3% from 4.0% in the previous month. Earlier, the ANZ Commodity Prices data showed a rise by 2.1% stronger than the prior figure -0.2% & the Building Consents grew by 5.1% versus -1.9% previously. On the global front, the Fed Powell said that U.S economy is in good pace in his today’s speech which cushioned the USD & weigh down the other currencies. As seen in the chart, the pair reversed down from Moving Averages & hence, the negative bias may be seen for the day.

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Special Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.70592
R2 0.69533
R1 0.68608
Turnaround 0.68114
S1 0.67189
S2 0.66695
S3 0.65276
By Research Team Thursday, Feb 7, 2019
COMMODITY

SILVER Outlook

    • 3.35pm ISTD1
    • High15.716
    • Low15.62200
    • Close15.715

Silver is trading at $15.695, 0.06% down since Wednesday. The Silver seems to be trading on a negative note due to robust outcome of U.S Trade Balance data which showed a narrow down in deficit by 49.3B from 55.7B. A dovish stance over rate hike in last FOMC meeting cushioned the Silver in the preceding week. The market waits for the Plan B for Brexit which is to be presented by U.K Prime Minister after her initial plan failed to gain enough votes earlier. The FOMC Powell showed positivity in U.S economic conditions which cushioned the USD & weigh down the precious metals. As seen in chart, the slight correction can be seen in Silver till Moving Averages & hence, selling may be recommended further for the day.

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Special Outlook

Silver

Intra Day
Near Day

Technical Levels

R3 16.14900
R2 15.92800
R1 15.79000
Turnaround 15.70700
S1 15.56900
S2 15.48900
S3 15.26000
By Research Team Thursday, Feb 7, 2019
INDICES

ITA40 Outlook

    • 3.10pm ISTD1
    • High19981
    • Low19861
    • Close19866

ITA40 is trading at 19941, 0.135 up since Wednesday. An index moved positive as market sentiments strengthened after Fed Jerome Powell indicated an improvement in U.S economic conditions in his speech. However, limited momentum can be seen in indices due to shutdown of Chinese stocks on account of national holidays. The Italian Retail Sales dropped by 0.7% weaker than the expected fall of 0.1% which slightly weigh down the ITA40.        Globally, better than expected result of U.S Nonfarm Payroll data cushioned the indices to some extent. The outcome of Industrial Production will remain vital on Friday. Strong buying may be suggested in ITA40 on the daily basis.

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Special Outlook

ITA40

Intra Day
Near Day

Technical Levels

R3 20414.00000
R2 20154.00000
R1 20057.00000
Turnaround 19894.00000
S1 19797.00000
S2 19634.00000
S3 19374.00000