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Kiwi Weakened Amid Soft Economic Data, Bullish API Oil Estimates & Range Bound Indices

By Research Team Wednesday, May 22, 2019
FOREX

NZD/USD Outlook

    • 3.40pm ISTD1
    • High0.65093
    • Low0.64924
    • Close0.65042

NZD/USD is trading at 0.65053 making a day-high 0.65093 & a day-low 0.64925. The Kiwi weakened on Wednesday post result of Retail Sales data which grew by 0.7% lower than the previous month figure of 1.7%. Also, the GDT Price Index fell by 1.2% against the rise of .4% in the preceding month which showed a reduction value of dairy products sold at an auction in an economy. This weighs down the pair NZD/USD even more. The Credit Card Spending remained constant at 4.5% same as prior figure. Moreover, an ongoing trade conflicts between U.S & China pushed down the Kiwi as New Zealand & China are the trading partners. Selling on higher levels may be seen for the day.

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Evening Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.66018
R2 0.65585
R1 0.65321
Turnaround 0.65154
S1 0.64889
S2 0.64722
S3 0.64290
By Research Team Wednesday, May 22, 2019
COMMODITY

WTI OIL Outlook

    • 4.03pm ISTD1
    • High63.77
    • Low62.78000
    • Close62.96

WTI Oil is trading at $62.69 making a day-high $62.80 & a day low $62.34. The Oil prices slightly retreated on Wednesday after American Petroleum Institute (API) released a report showing a rise in Oil stocks level by 2.4 million barrels per day higher than the expected fall of 0.60 million barrels per day. Last week, the prices slid to $60 levels after China imposed the tariffs on $60 billion worth of U.S imports in retaliation to U.S tariffs on $200 billion worth of Chinese products since China is a top consumer of Oil. The Energy Information Administration (EIA) report is to be published today which will remain in focus. Wait & watch strategy may be adopted further since the Oil is trading near MA (10) & MA (20).

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Evening Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 65.15000
R2 64.16000
R1 63.56000
Turnaround 63.17000
S1 62.57000
S2 62.18000
S3 61.19000
By Research Team Wednesday, May 22, 2019
INDICES

US30 Outlook

    • 3.52pm ISTD1
    • High25902
    • Low25805.00000
    • Close25867

US30 is trading at 25873 making a day-high 25902 & a day-low 25805. The slight pullback can be seen in U.S shares as U.S-China trade worries eased down following positive statement of one of the Chinese officials towards ending up the war as soon as possible. Earlier, the U.S levied raised tariffs on $200billion worth of Chinese goods last week from 10% to 25% which widely weigh down the US30. In U.S, the Existing Home Sales changed by 5.19M lower than the expectation of 5.35M which slightly weigh down the US30. The U.S is to release its FOMC Meeting Minutes today which will remain crucial. As seen in the chart, the US30 is trading near the short term Moving Averages & hence, sideways momentum may be seen further for the day.

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Evening Outlook

US30

Intra Day
Near Day

Technical Levels

R3 26181.00000
R2 26001.00000
R1 25929.00000
Turnaround 25821.00000
S1 25749.00000
S2 25645.00000
S3 25461.00000