Daily Market Outlook, 25 November, 2021

Market Wrap: Stocks, Bonds, Commodities

Wall Street ended higher on Wednesday lifted by gains in Nvidia and other tech stocks, while Gap and Nordstrom shares tumbled following weak quarterly reports.

The Dow Jones Industrial Average flat 35,804.38 points, while the S&P 500 gained 0.23% to 4,701.46. The Nasdaq Composite climbed 0.44% to 15,845.23.

MSCI’s index of Asia-Pacific stocks outside Japan flat to 809.60 levels. Australian index rise 0.11% to 7,407.30. Japanese Nikkei Index advances 0.67% to 29,499.28.

European stocks were higher on Thursday, with the Stoxx Europe 50 Index gaining 0.27% to 4,295.73, Germany’s DAX rose 0.05% to 15,945.30, and France’s CAC advances 0.35% to 7,069.30, and U.K.’s FTSE 100 added 0.36% to 7,293.75.

Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields fell 0.08% to 1.643.

Oil prices were largely steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond.

Spot Brent crude oil rose 0.07% to $82.31 per barrel. US West Texas Intermediate crude fell 0.06% to $78.34 a barrel.

The yellow metal gold gained 0.48% to 1792.80 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar traded near its highest in over a year to the euro and close to a five-year peak against the yen as a hawkish tilt by Federal Reserve policymakers, buoyed by solid U.S. data, contrasted with more dovish monetary outlooks in Europe and Japan.

Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, which lost 0.14% to 96.735.

The Euro US Dollar (EUR/USD) is a widely traded pair that is gained 0.16% today. This left the pairing trading around $1.12140.

The Japanese yen rose against the U.S. dollar on Thursday as the stock pushes higher. Today US/JPY is lost 0.05% to 115.380 level.

Another commodity-related currency higher against the U.S dollar, AUD/USD rose 0.11% to 0.72010, and NZD/USD fell 0.05% to 0.68690 level.


EUR/USD Intraday: Trend may change to the upside

Our pivot point is at 1.12060

Preferable Price Action: Take Long positions Above pivot level with targets at 1.12430 & 1.12630 in extension.

Alternative Price Action: Below pivot looks for a further Downside to 1.11760 & 1.11560.

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


GBP/USD Intraday: Resistance at 1.34830

Our pivot point is at 1.33830

Preferable Price Action: Sell positions below pivot with targets at 1.33260 & 1.32960 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.34430 & 1.34690.

Comment: Pair below its 55MA and RSI AT 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: Support at 115.160

Our pivot point is at 115.160

Preferable Price Action: Buy position Above pivot with the target at 115.760 and 116.060 in extension.

Alternative Price Action: The Downside breakout of the pivot would call for 114.460 and 114.090.

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 0.71930

Our pivot point is at 0.71930

Preferable Price Action:  Buy Positions above pivot with targets at 0.72360 & 0.72560 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.71590 & 0.71390 as targets.

Comment: Pair below its 55MA & 20MA and RSI at 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: Trend on the upside

Our pivot point is at 77.60

Preferable Price Action: Above pivots Buy Oil with 79.60 & 80.60 as targets.

Alternative Price Action: Sell crude Below pivot with targets at 75.90 and 74.90 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: Trend on the downside

Our pivot point is 1803.30

Preferable Price Action: Further downside to 1779.30 and 1769.60.

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1826.30 and 1839.30.

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

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: Resistance at 35,783.00

Our pivot point is 35,783.00

Preferable Price Action: Take Long positions above pivot with targets at 36,053.00 & 36,160.00.

Alternative Price Action: Below 35,783.00 looks for further Downside to 35,553.00 & 35,439.00.

Comment: Price above its 20MA & 55MA 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

Leave a Reply