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Cautious Trading in Indices, Strong Japanese Earnings Data & Selling Bias in Gold Prices

By Research Team Tuesday, Jul 9, 2019
FOREX

USD/CAD Outlook

    • 4.05pm ISTD1
    • High1.31329
    • Low1.30941
    • Close1.31248

USD/CAD is trading at 1.31166 making a day-high 1.31181 & a day-low 1.30941. The Canadian Dollar weakened against the USD ahead of the Powell speech which is to be issued today evening. On data front, the number of employed people fell by 2.2K against the previous figure 27.7K & the Unemployment Rate grew by 5.5% from 5.4% in the previous month. These factors supported the pair USD/CAD. Earlier, the market expects a rate cut in FOMC meeting this month which remains vital for CAD. Last week, the U.S & China trade tensions ease down at G20 summit as U.S postponed the new tariffs imposition on Chinese goods which weighs down currencies. Further weakness may be seen CAD against USD for the day.

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Evening Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.31886
R2 1.31351
R1 1.31150
Turnaround 1.30816
S1 1.30615
S2 1.30251
S3 1.29746
By Research Team Tuesday, Jul 9, 2019
COMMODITY

WTI OIL Outlook

    • 4.40pm ISTD1
    • High58.17
    • Low57.31000
    • Close57.94

WTI Oil is trading at $57.96 making a day-high $58.17 & a day low $57.31. The Oil prices slightly moved up ahead of the result of American Petroleum Institute (API) report which will show the changes in Oil stocks level as compared to last week. Earlier, the resumption of U.S-China trade talks & chances of rate cut in Fed meeting this month cushioned the Oil prices. The U.S Baker Hughes report showed a fall in Oil rig counts by 5 leading to 788 from 793 in the previous week.  The Russia, Saudi Arabia & Iraq agreed to extend an Oil output cut for more six to nine months which turned positive for prices. Wait & watch strategy may be adopted further as the commodity is hovering near Fibo level 38.2.

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Evening Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 60.07000
R2 58.92000
R1 58.24000
Turnaround 57.77000
S1 57.09000
S2 56.62000
S3 55.47000
By Research Team Tuesday, Jul 9, 2019
INDICES

ITA40 Outlook

    • 4.22pm ISTD1
    • High21924
    • Low2174.00000
    • Close21889

ITA40 is trading at 21849, making a day-high 21924 & a day-low 21744. The slight profit-booking can be seen in European shares due to mixed sentiments towards outcome of Fed Powell speech which is to be issued today. Earlier, the positive momentum can be seen in indices as G20 summit showed a relief in U.S-China trade tension after U.S Trump postponed the new tariffs imposition on Chinese goods & relieved few restrictions on Huawei Company. The Italian Retail Sales fell by 0.7% weaker than expectation of 0.2%. Last week, the manufacturing PMI dropped to 48.4 & the Services PMI rose to 50.5. As seen in the chart, the ITA40 may correct till MA (10) & hence, slight selling may be recommended for the day.

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Evening Outlook

ITA40

Intra Day
Near Day

Technical Levels

R3 22160.00000
R2 22020.00000
R1 21931.00000
Turnaround 21880.00000
S1 21791.00000
S2 21740.00000
S3 21600.00000