Daily Market Outlook, 26 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 plunged 1.87% to 795.05 levels. Australian index slipped 1.73% to 7,279.30. Japanese Nikkei Index lost 2.53% to 28,752.90.

European stocks were lower on Friday, with the Stoxx Europe 50 Index plunged 3.27% to 4,150.70, Germany’s DAX lost 2.89% to 15,458.50, and France’s CAC fell 3.55% to 6,824.87, and U.K.’s FTSE 100 slipped 2.98% to 7,091.50.

Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields fell 6.03% to 1.454.

Oil prices slid more than 1% on Friday on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States.

Spot Brent crude oil fell 2.44% to $80.21 per barrel. US West Texas Intermediate crude lost 2.97% to $76.07 a barrel.

The yellow metal gold gained 0.77% to 1798.10 dollars per ounce.

Market Wrap: Forex 

The US 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 0.20% to 96.685.

The Euro US Dollar (EUR/USD) is a widely traded pair that is gained 0.17% today. This left the pairing trading around $1.12230.

The Japanese yen rose against the U.S. dollar on Friday as the stock pushes lower. Today US/JPY is lost 0.62% to 114.620 level.

Another commodity-related currency lower against the U.S dollar, AUD/USD down 0.66% to 0.71420, and NZD/USD fell 0.51% to 0.68210 level.


EUR/USD Intraday: Trend may change to the upside

Our pivot point is at 1.12090

Preferable Price Action: Take Long positions Above pivot level with targets at 1.12460 & 1.12660 in extension.

Alternative Price Action: Below pivot looks for a further Downside to 1.11790 & 1.11590.

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 1.33360

Preferable Price Action: Sell positions below pivot with targets at 1.32600 & 1.32190 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.34160 & 1.34630.

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: Trend on the downside

Our pivot point is at 115.030

Preferable Price Action: Sell position Below pivot with the target at 114.260 and 113.890 in extension.

Alternative Price Action: The Upside breakout of the pivot would call for 115.760 and 116.130.

Comment: Price below its 55MA & 20MA and MACD in negative 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: Trend on the downside

Our pivot point is at 0.71690

Preferable Price Action:  Sell Positions below pivot with targets at 0.71060 & 0.70660 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.72300 & 0.72630 as targets.

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


CRUDEOIL Intraday: Trend on the downside

Our pivot point is at 76.90

Preferable Price Action: Below pivots Sell Oil with 74.90 & 73.60 as targets.

Alternative Price Action: Buy crude Above pivot with targets at 78.60 and 79.60 in extension.

Comment: Crude is below its 55MA & 20MA and MACD in the negative 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: Support at 1789.30

Our pivot point is 1789.30

Preferable Price Action: Further upside to 1813.60 and 1828.60.

Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 1769.30 and 1756.30.

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: Break support level

Our pivot point is 35,490.00

Preferable Price Action: Take Short positions below pivot with targets at 35,190.00 & 35,060.00.

Alternative Price Action: Above 35,490.00 looks for further Upside to 35,860.00 & 36,060.00.

Comment: Price below its 20MA & 55MA 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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