Register for MT4 Demo Account

Register for xStation Account

Soft Currencies Amid Rate-Cut Hopes, Oil Prices Inches Up & Indices in Green

By Research Team Tuesday, Jul 23, 2019
FOREX

USD/JPY Outlook

    • 4.02pm ISTD1
    • High108.197
    • Low107.81800
    • Close108.102

USD/JPY is trading at 108.113 making a day-high 108.197 & a day-low 107.818. The YEN     weakened on Tuesday against the USD ahead of the U.S corporate earnings results beginning from this week. On Monday, the New York Federal Reserve Chairman said that interest rates may be cut down by 25bps in upcoming FOMC meeting which is to be held on July 30-31 which softened the pair. In Japan, the BoJ Core CPI changed by 0.6% same as expectation & the Trade Balance deficit fell to 0.01T from 0.62T in the previous month showing an improvement in manufacturing & industrial activity. The trade talks between U.S & China will remain crucial for the indices. Slight weakness may be seen in YEN against the USD for the day.

Read More… Read Less

Evening Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 108.61400
R2 108.24600
R1 108.06400
Turnaround 107.87800
S1 107.69600
S2 107.51000
S3 107.14200
By Research Team Tuesday, Jul 23, 2019
COMMODITY

WTI OIL Outlook

    • 4.35pm ISTD1
    • High56.55
    • Low55.74000
    • Close55.87

WTI Oil is trading at $55.74 making a day-high $56.55 & a day low $55.74. The Oil prices gained momentum since stating of this week as Middle East tensions affect the supply levels as a whole. Last week, the U.S Gulf of Mexico producers resumed their Oil production after being halted due to the tropical storm which dragged down the prices. The resumption of U.S-China trade talks & chances of a rate cut in the upcoming Fed meeting cushioned the prices. The American Petroleum Institute (API) is to release its estimates today revealing the changes in Oil stocks level as compared to last week. As seen in the chart, the Oil reversed up from Fibo level 50.0 & hence, buying may be suggested further for the day.

Read More… Read Less

Evening Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 58.73000
R2 57.54000
R1 56.80000
Turnaround 56.35000
S1 55.68000
S2 55.16000
S3 53.97000
By Research Team Tuesday, Jul 23, 2019
INDICES

DE30 Outlook

    • 4.18pm ISTD1
    • High12471
    • Low12304.00000
    • Close12470

DE30 is trading at 12461 making a day-high 12469 & a day-low 12309. The global shares moved on the higher side on Tuesday as market sentiments boosted due to chances of rate cuts in upcoming ECB & FOMC meeting this month. Last week, the IMF said that the USD is overvalued by 6% to 12% based upon current economic indicators which slid down the indices. The German PPI rate fell by 0.4% against the expected fall of 0.1% & the German ZEW Economic Sentiment reduced by 24.5 weaker than the previous figure -21.1. The trade talks between U.S & China will remain crucial for the indices. Strong buying may be recommended in DE30 as an index crossed the Moving Averages.

Read More… Read Less

Evening Outlook

DE30

Intra Day
Near Day

Technical Levels

R3 12523.00000
R2 12403.00000
R1 12348.00000
Turnaround 12283.00000
S1 12228.00000
S2 12163.00000
S3 12043.00000