Commodity outlook by Tradebulls Securities: Buy lead, sell crude oil

Commodity outlook and trading ideas by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls.

The dollar index surged to 97.40 after FOMC meet where Fed chairman stated that US economy is well on track and there aren’t any chances of a rate cut. Strong private employment data from US also added strength to greenback and we saw all other commodities crashing against the strong dollar. Indian rupee opened strong as weak crude oil prices prove to be boon for our market. Indian currency is expected to test levels of 69.50-69.40 and may bottom out from those levels. In the long term, we are still bullish in crude oil and so that will create headwinds