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Daily Markets
- Oil prices rebounded by about 1% on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, after a banking crisis sparked a sell-off in global financial and oil markets this week The advisory committee of the Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, will meet on April 3. Further decline in prices may prompt OPEC+ to reduce supplies to prevent a forecast inventory build in the second quarter, analysts at National Australia Bank (OTC:NABZY) said in a note. WTI fell under $70 a barrel for the first time since December 2021, possibly making prices attractive enough for the U.S. government to start refilling its Strategic Petroleum Reserve, which is sitting at record low levels, stimulating demand. Analysts' expectations on China's demand recovery supported the end-week price rebound, with U.S. crude exports to China in March headed for their highest in nearly two and a half years. China's demand rebound will be positive for oil prices if upcoming data shows a good recovery of the country's economy, said analyst Tina Teng of CMC Markets. However, contagion risks among banks are still keeping investors on edge, curbing their appetite for assets such as commodities, as they fear a further rout could trigger a global recession and cut oil demand. "The recent banking turmoil may continue to weigh on the demand outlook. These issues regarding inflation, the central bank's rate hikes, and confidence in financial systems, cannot be settled quickly," Teng said.
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Intraday RESISTANCE LEVELS |
17th March 2023 |
R1 |
R2 |
R3 |
GOLD-XAU |
1,933 |
1,940 |
1,950-1,959 |
Silver-XAG |
21.90-23.00 |
24.00-24.60 |
25.00-25.50 |
Crude Oil |
69.90-70.30 |
70.90-71.70 |
73.00-73.60 |
EURO/USD |
1.0700-1.0750 |
1.0810-1.0890 |
1.0950-1.0990 |
GBP/USD |
1.2170 |
1.2190-1.2240 |
1.2290-1.2340 |
USD/JPY |
134.90-135.50 |
136.20-137.10 |
137.90-139.00 |
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Intraday SUPPORTS LEVELS |
17th March 2023 |
S1 |
S2 |
S3 |
GOLD-XAU |
1,915-1,894 |
1,882-1,874 |
1,860-1,844 |
Silver-XAG |
21.60-21.00 |
20.60-20.00 |
19.70-19.01 |
Crude Oil |
68.00-67.10 |
65.80 |
65.00-64.10 |
EURO/USD |
1.0590-1.0525 |
1.0480 |
1.0440-1.0400 |
GBP/USD |
1.2100-1.2050 |
1.2010-1.1940 |
1.1895-1.1820 |
USD/JPY |
132.90-132.00 |
131.40 |
130.60-130.00 |
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Intra-Day Strategy (17th March 2023) |
GOLD-XAU |
Sell on Strength |
Silver-XAG |
Buy on Dips |
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Crude Oil |
Neutral to Sell |
EUR/USD |
Neutral to Sell |
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GBP/USD |
Neutral to Buy |
USD/JPY |
Neutral to Sell |
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Gold – XAU
Gold on Thursday made it’s intraday high of US$1933.22/oz and low of $1907.42/oz. Gold is up by 0.0589% at US$1919.23/oz.
Technicals in Focus:
In daily charts, prices are above 200DMA (1809) and breakage below will call for 1790. MACD is above the zero line and histograms are a2lso increasing trend and it will bring an upward stance in the upcoming sessions. RSI is in the overbought region and more upside is expected before it gets stretched. The Stochastic Oscillator is in neutral territory and giving a negative crossover to a bearish stance for intraday trade.
Trading Strategy: Sell on Strength
Sell below 1933-1950 keeping stop loss closing above 1950, targeting 1894-1882-1874 and 1860-1844-1832.
Buy in between 1915-1832 with risk below 1832, targeting 1929-1940 and 1950-1959.
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Intraday Support Levels |
S1 |
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1,915-1,894 |
S2 |
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1,882-1,874 |
S3 |
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1,860-1,844 |
Intraday Resistance Levels |
R1 |
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1,933 |
R2 |
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1,940 |
R3 |
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1,950-1,959 |
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Technical Indicators
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Name |
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Value |
Action |
14DRSI |
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59.335
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Buy |
20-DMA |
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1845.74 |
Buy |
50-DMA |
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1845.50
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Buy |
100-DMA |
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1823.27 |
Buy |
200-DMA |
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1806.46 |
Buy |
STOCH(5,3) |
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76.894 |
Buy |
MACD(12,26,9) |
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-3.940 |
Buy |
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Silver - XAG
Silver on Thursday made its intraday high of US$22.08/oz and low of US21.45/oz settled down by 0.399% at US$21.67/oz.
Technicals in Focus:
On daily charts, silver is sustaining below 100DMA (21.00), breakage above will lead to 21.60. MACD is below the zero line and histograms are decreasing trend and it will bring a bearish stance in the upcoming sessions. RSI is approaching the neutral region, indicating a buy signal for now. The Stochastic Oscillator is in the oversold region and gives a positive crossover to show an upside move for the intraday trade.
Trading Strategy: Buy on Dips
Buy in between 21.60-18.30, targeting 21.90-22.10-23.00 and 24.40-25.00-25.90 with stop loss should be placed on the breakage below 18.00.
Sell in between 22.10-26.20 with a stop loss above 26.20; targeting 21.60-21.00-20.05 and 19.90-19.50.
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Intraday Support Levels |
S1 |
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21.60-21.00 |
S2 |
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20.60-20.00 |
S3 |
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19.70-19.01 |
Intraday Resistance Levels |
R1 |
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21.90-23.00 |
R2 |
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24.00-24.60 |
R3 |
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25.00-25.50 |
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TECHNICAL INDICATORS |
Name |
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Value |
Action |
14DRSI |
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53.214 |
Buy |
20-DMA |
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21.31 |
Buy |
50-DMA |
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21.83 |
Buy |
100-DMA |
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21.83 |
Buy |
200-DMA |
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21.76 |
Buy |
STOCH(5,3) |
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77 |
Sell |
MACD(12,26,9) |
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-0.372 |
Buy |
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Oil - WTI
Crude Ol on Thursday made an intra‐day high of US$69.50/bbl, an intraday low of US$65.86/bbl, and settled up by 0.243% to close at US$68.41/bbl.
Technicals in Focus:
On daily charts, oil is sustaining below its 200DMA i.e. 68.50 which is a support level and breakage below will call for 68.40. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the neutral region, giving a positive crossover for confirmation of a bullish stance; while the RSI is in the neutral region and more upside can be expected to reach the overbought region, which is highly probable.
Trading Strategy: Neutral to Sell
Sell in between 69.90-74.00 with stop loss at 74.00; targeting 68.00-67.10-65.80 and 65.00-64.10.
Buy above 68.00-64.10 with risk daily closing below 64.10; targeting 69.90-70.30-70.90 and 71.70-73.00-73.60.
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Intraday Support Levels |
S1 |
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68.00-67.10 |
S2 |
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65.80 |
S3 |
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65.00-64.10 |
Intraday Resistance Levels |
R1 |
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69.90-70.30 |
R2 |
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70.90-71.70 |
R3 |
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73.00-73.60 |
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TECHNICAL INDICATORS |
Name |
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Value |
Action |
14DRSI |
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40.752 |
Sell |
20-DMA |
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76.82 |
Sell |
50-DMA |
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77.69 |
Sell |
100-DMA |
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79.86 |
Sell |
200-DMA |
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83.27 |
Sell |
STOCH(5,3) |
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82.950 |
Sell |
MACD(12,26,9) |
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-1.781 |
Buy |
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EUR/USD
EUR/USD on Wednesday made an intraday low of US$1.0515/EUR, a high of US$1.0759/EUR, and settled the day down by 1.456% to close at US$1.0575/EUR.
Technicals in Focus:
On daily charts, prices are sustaining above 50DMA (1.0736), which becomes immediate support, a break below will target 1.0647. MACD is above the zero line and histograms are increasing mode which will bring a bullish view. Stochastic is in overbought territory and giving positive crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.
Trading Strategy: Neutral to Sell
Sell below 1.0700-1.0990, targeting 1.0590-1.0520 and 1.0480-1.0450-1.0400 with stop-loss at daily closing above 1.1032.
Buy above 1.0600-1.0450 with risk below 1.0450 targeting 1.0700-1.0750-1.0810-1.0890 and 1.0950-1.0990-1.10320..
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Intraday Support Levels |
S1 |
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1.0590-1.0525 |
S2 |
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1.0480 |
S3 |
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1.0440-1.0400 |
Intraday Resistance Levels |
R1 |
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1.0700-1.0750 |
R2 |
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1.0810-1.0890 |
R3 |
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1.0950-1.0990 |
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TECHNICAL INDICATORS |
Name |
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Value |
Action |
14DRSI |
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49.951 |
Buy |
20-DMA |
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1.0643 |
Sell |
50-DMA |
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1.0647 |
Buy |
100-DMA |
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1.0563 |
Buy |
200-DMA |
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1.0542 |
Buy |
STOCH(5,3) |
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40.062 |
Buy |
MACD(12,26,9) |
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-0.0020 |
Buy |
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GBP/USD
GBP/USD on Thursday made an intra‐day low of US$1.2026/GBP, a high of US$1.2127/GBP, and settled the day up 0.525% to close at US$1.2109/GBP.
Technicals in Focus:
On daily charts, prices are sustaining below 200DMA (1.2112) is becoming a resistance level. 14-D RSI is currently in a neutral region and direction is difficult to predict on RSI bases. The Stochastic Oscillator is in oversold territory and gives a positive crossover to confirm bullish a stance. MACD is above the zero line but histograms are increasing leading to movement.
Trading Strategy: Neutral to Buy
Based on the charts and explanations above; buy in between 1.2100-1.1750 with a target of 1.2120-1.2170-1.2290 and 1.2340-1.2400-1.2440 with a stop loss closing below 1.1650.
Sell in between 1.2050-1.2650 with targets at 1.1820 and 1.1900-1.1820-1.1750 and 1.1650-1.1600 with stop loss should be 1.2445.
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Intraday Support Levels |
S1 |
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1.2100-1.2050 |
S2 |
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1.2010-1.1940 |
S3 |
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1.1895-1.1820 |
Intraday Resistance Levels |
R1 |
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1.2170 |
R2 |
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1.2190-1.2240 |
R3 |
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1.2290-1.2340 |
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TECHNICAL INDICATORS |
Name |
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Value |
Action |
14DRSI |
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53.499
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Buy |
20-DMA |
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1.2019 |
Buy |
50-DMA |
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1.2058 |
Buy |
100-DMA |
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1.2024 |
Buy |
200-DMA |
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1.2112 |
Buy |
STOCH(5,3) |
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11.674 |
Buy |
MACD(12,26,9) |
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-0.0048 |
Sell |
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USD/JPY
USD/JPY on Thursday made an intra‐day low of JPY131.71/USD and made an intraday high of JPY133.82/USD and settled the day up by 0.192% at JPY133.58/USD.
Technicals in Focus:
In daily charts, JPY is sustaining above 200DMA (134.05), which is major support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are in decreasing mode which might lead to downward movement. The Stochastic Oscillator is in overbought territory and signaling to buy as it has given a positive crossover to confirm a bullish stance.
Trading Strategy: Neutral to Sell
Sell below 133.10-140.60 with risk above 140.60 targeting 133.90 and 132.90-132.00-131.60.
Long positions above 132.50-131.20 with targets of 134.00-134.90-135.50 and 136.20-137.00-138.10 with stops below 130.00.
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Intraday Support Levels |
S1 |
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132.90-132.00 |
S2 |
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131.40 |
S3 |
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130.60-130.00 |
INTRADAY RESISTANCE LEVELS |
R1 |
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134.90-135.50 |
R2 |
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136.20-137.10 |
R3 |
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137.90-139.00 |
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TECHNICAL INDICATORS |
Name |
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Value |
Action |
14DRSI |
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63.121 |
Buy |
20-DMA |
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135.16 |
Buy |
50-DMA |
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134.22 |
Buy |
100-DMA |
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135.04 |
Buy |
200-DMA |
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134.05 |
Buy |
STOCH(9,6) |
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73.644 |
Buy |
MACD(12,26,9) |
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1.302 |
Sell |
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