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Indices Bounces From Recent Lows, Bearish API Oil Estimates & U.S is to Issue Retail Sales Data

By Research Team Wednesday, May 15, 2019
FOREX

AUD/USD Outlook

    • 2.57pm ISTD1
    • High0.69442
    • Low0.69178
    • Close0.6927

AUD/USD is trading at 0.69228 making a day-high 0.69442 & a day-low 0.69178. The Aussie slid down on Wednesday after China posted weaker than expected outcome of economic data & China & Australia are the trading partners. On the data front, the Wage Price Index grew by just 0.5% lower than the expectation of 0.6% & the Westpac Consumer Sentiment rose by just 0.6% much lower than the previous figure of 1.9%. These factors further pushed down the pair. Last week, the RBA left an interest rate unchanged against the expectation of a rate cut by 25bps. As seen in the chart, the pair is trading below the short term Moving Averages & hence, strong selling bias may be established for the day in AUD/USD.

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Evening Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.69940
R2 0.69696
R1 0.69563
Turnaround 0.69452
S1 0.69319
S2 0.69208
S3 0.68950
By Research Team Wednesday, May 15, 2019
COMMODITY

GOLD Outlook

    • 3.20pm ISTD1
    • High1298.53
    • Low1292.89000
    • Close1298.08

Gold is trading at $1297.82 making a day-high $1297.47 & a day-low $1292.40. The specific range can be seen in Gold due to mixed market sentiments over U.S-China trade disputes as China imposed tariffs on U.S imports worth $60 billion. Earlier, the firm USD as U.S-China standoff their trade talks after U.S levied additional tariffs on Chinese products cushioned the precious metals. The U.S posted poor inflation data which weigh down the USD & cushioned the Gold prices. Last week, the weaker than expected result of U.S PPI & Jobless Claims data weigh down the USD & cushioned the precious metals. The result of Core Retail Sales data will remain crucial today. Slight buying may be recommended for the day in Gold.

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Evening Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1316.77000
R2 1307.27000
R1 1301.87000
Turnaround 1297.71000
S1 1292.34000
S2 1288.18000
S3 1278.65000
By Research Team Wednesday, May 15, 2019
INDICES

CHNComp Outlook

    • 3.08pm ISTD1
    • High10820
    • Low10689.00000
    • Close10727

CHNComp is trading at 10727 making a day-high 10820 & a day-low 10689. The mixed momentum can be seen in Chinese shares as chances of providing more stimulus aid increases as per one of the Chinese report. In China, the Retail Sales grew by just 7.2% lower than the expectation of 8.6% & the Fixed Asset Investment rose by 6.1% against the previous figure 6.3%. These factors slightly weigh down the CHNComp in early trade Wednesday. In starting of the week, the indices widely slumped after U.S & China deadlock their talks as U.S levied additional tariffs on Chinese products last week. The cautious trading can be seen in CHNComp as it is hovering near Fibo level 61.8.

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Evening Outlook

CHNComp

Intra Day
Near Day

Technical Levels

R3 10921.00000
R2 10795.00000
R1 10742.00000
Turnaround 10669.00000
S1 10616.00000
S2 10543.00000
S3 10417.00000