Daily Market Outlook, 19 November, 2021

Market Wrap: Stocks, Bonds, Commodities

The Dow Jones Industrial Average fell 60.10 points (0.17%) to 35,870.95, the S&P 500 rose 17.97 points (0.38%) to 4,706.64 and the Nasdaq Composite added 72.10 points (0.45%) to 15,921.57.

MSCI’s index of Asia-Pacific stocks outside Japan is fell 0.32% to 817.23 levels. Australian index rise 0.23% to 7,396.50. Japanese Nikkei Index highers 0.50% to 29,745.87.

European stocks were higher on Friday, with the Stoxx Europe 50 Index gaining 0.30% to 4,396.62, Germany’s DAX rose 0.31% to 16,254.95, and France’s CAC advances 0.43% to 7,277.98, and U.K.’s FTSE 100 added 0.27% to 7,275.73.

Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields gained 0.78% to 1.599.

Oil prices rose on Friday, after wild swings the day before, on investor concerns that potential coordinated releases by the world’s major economies of their official crude reserves to try to lower prices may have less of an impact than expected.

Spot Brent crude oil rose 0.95% to $82.00 per barrel. US West Texas Intermediate crude gained 0.92% to $79.14 a barrel.

The yellow metal traded slipped 0.12% to 1859.35 dollars per ounce.

Market Wrap: Forex 

The dollar edged back from a 16-month high on Thursday as traders assessed whether the U.S. currency’s recent surge, fueled by diverging central bank tightening expectations amid surging inflation around the globe, had gone too far.

Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, which rose 0.19% to 95.722.

The Euro US Dollar (EUR/USD) is a widely traded pair that is falling 0.26% today. This left the pairing trading around $1.13400.

The Japanese yen fell against the U.S. dollar on Friday as the stock pushes higher. Today US/JPY is gained 0.10% to 114.340 level.

Another commodity-related currency gained against the U.S dollar, AUD/USD advanced 0.07% to 0.72840, and NZD/USD flat to 0.70310 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.13770

Preferable Price Action: Take Short positions Below pivot level with targets at 1.13170 & 1.12810 in extension.

Alternative Price Action: Above pivot looks for a further Upside to 1.14450 & 1.14800.

Comment: Pair below its 55MA & 20MA and RSI below 50 levels.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


GBP/USD Intraday: Support at 1.34100

Our pivot point is at 1.34660

Preferable Price Action: Buy positions above pivot with targets at 1.35290 & 1.35550 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.34150 & 1.33920.

Comment: Pair above its 20MA and RSI above 50 levels.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


USD/JPY Intraday: Downtrend may reverse from here

Our pivot point is at 114.100

Preferable Price Action: Buy position Above pivot with the target at 114.570 and 114.800 in extension.

Alternative Price Action: The Downside breakout of the pivot would call for 113.660 and 113.440.

Comment: Price above its 55MA & 20MA and MACD in positive territory.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


AUD/USD Intraday: Support at 0.72660

Our pivot point is at 0.72670

Preferable Price Action:  Buy Positions above pivot with targets at 0.73100 & 0.73310 in extension.

Alternative Price Action: Below pivot looks for a further Downside with 0.72250 & 0.72040 as targets.

Comment: Pair above its 55MA & 20MA and RSI above 50 levels.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


CRUDEOIL Intraday: Break resistance level

Our pivot point is at 78.40

Preferable Price Action: Above pivots Buy Oil with 80.30 & 81.20 as targets.

Alternative Price Action: Sell crude Below pivot with targets at 76.70 and 75.90 in extension.

Comment: Crude is above its 55MA & 20MA and MACD in the positive territory.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


XAU/USD Intraday: In a consolidation zone

Our pivot point is 1856.60

Preferable Price Action: Further upside to 1870.50 and 1877.10.

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1843.20 and 1837.00.

Comment: MACD in positive territory and price above its 20MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced



Dow Jones Intraday: Support at 35,890.00

Our pivot point is 35,890.00

Preferable Price Action: Take Long positions above pivot with targets at 36,127.00 & 36,258.00.

Alternative Price Action: Below 35,890.00 looks for further downside to 35,666.00 & 35,542.00.

Comment: Price below its 55MA & 20MA and RSI below 50 levels.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced

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