Daily Market Outlook, 30 November, 2021

Market Wrap: Stocks, Bonds, Commodities

Wall Street stocks closed higher on Monday, regaining some of the ground they lost in Friday’s sell-off as investors were hopeful that the Omicron coronavirus variant would not lead to lockdowns after reassurance from U.S. President Joe Biden.

The Dow Jones Industrial Average rose 236.6 points (0.68%) to 35,135.94, the S&P 500 gained 60.65 points (1.32%) to 4,655.27 and the Nasdaq Composite added 291.18 points (1.88%) to 15,782.83.

MSCI’s index of Asia-Pacific stocks outside Japan plunged 0.81% to 780.88 levels. Australian index rose 0.22% to 7,256.00. Japanese Nikkei Index lost 1.63% to 27,821.76.

European stocks were lower on Tuesday, with the Stoxx Europe 50 Index plunging 1.34% to 4,054.35, Germany’s DAX lost 1.16% to 15,103.05, and France’s CAC fell 1.39% to 6,681.77, and U.K.’s FTSE 100 slipped 1.05% to 7,035.05.

Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields slumped 4.54% to 1.460.

Oil prices climbed on Tuesday, extending a rebound from last week’s plunge on growing expectations major producers would pause plans to add crude supply in January amid uncertainty over the severity of the Omicron coronavirus variant.

Spot Brent crude oil lost 3.50% to $70.53 per barrel. US West Texas Intermediate crude fell 3.50% to $67.50 a barrel.

The yellow metal gold gained 0.51% to 1794.35 dollars per ounce.

Market Wrap: Forex 

The dollar was down on Tuesday, just above a one-week low hit during the previous week, as concerns that the new omicron COVID-19 variant would derail the U.S. economic recovery and delay U.S. Federal Reserve interest rate hikes subsided.

Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, which fell 0.36% to 95.990.

The Euro US Dollar (EUR/USD) is a widely traded pair that is rising 0.28% today. This left the pairing trading around $1.13230.

The Japanese yen rose against the U.S. dollar on Tuesday as the stock pushes lower. Today US/JPY is lost 0.35% to 113.120 level.

Another commodity-related currency lower against the U.S dollar, AUD/USD lost 0.38% to 0.71120, and NZD/USD down 0.38% to 0.67970 level.


EUR/USD Intraday: Trend on the upside

Our pivot point is at 1.12790

Preferable Price Action: Take Long positions Above pivot level with targets at 1.13360 & 1.13630 in extension.

Alternative Price Action: Below pivot looks for a further Downside to 1.12290 & 1.12030.

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 1.33330

Our pivot point is at 1.33330

Preferable Price Action: Sell positions below pivot with targets at 1.32960 & 1.32830 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.33630 & 1.33790.

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 113.760

Preferable Price Action: Sell position Below pivot with the target at 112.730 and 112.300 in extension.

Alternative Price Action: The Upside breakout of the pivot would call for 114.760 and 115.190.

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 0.71290

Preferable Price Action:  Sell Positions below pivot with targets at 0.70790 & 0.70560 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.71830 & 0.72030 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 70.30

Preferable Price Action: Below pivots Sell Oil with 66.60 & 64.60 as targets.

Alternative Price Action: Buy crude Above pivot with targets at 74.30 and 75.90 in extension.

Comment: Crude is below its 55MA 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 1786.90

Our pivot point is 1786.90

Preferable Price Action: Further upside to 1806.30 and 1816.90.

Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 1766.30 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: Trend on the downside

Our pivot point is 34,930.00

Preferable Price Action: Take Short positions below pivot with targets at 34,310.00 & 34,060.00.

Alternative Price Action: Above 35,490.00 looks for further Upside to 35,500.00 & 35,760.00.

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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