Daily Market Outlook, 08 November, 2022

Market Wrap: Stocks, Bonds, Commodities

Australia stocks were higher after the close on Tuesday, as gains in the Utilities, Consumer Staples and Financials sectors led shares higher.

The Dow Jones Industrial Average rose 423.78 points to 32,827.00, the S&P 500 gain 36.25 points to 3,806.80 and the Nasdaq Composite add 89.27 points to 10,564.52.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 0.28% to 561.05 levels. Australian index higher 0.36% to 6,958.90. Japanese Nikkei Index ascend 1.25% to 27,872.11.

European stocks were negative on Tuesday, with the Stoxx Europe 50 Index fell 0.22% to 3,699.85, Germany’s DAX drop 0.17% to 13,512.00, and France’s CAC down 0.48% to 6,386.07, and U.K.’s FTSE 100 slipped 0.68% to 7,252.77.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a positive 0.30% to 4.2270.

Oil prices were little changed early on Tuesday as supply worries offset recession fears and China’s commitment to its zero-COVID policy.

Spot Brent crude oil subtract 0.39% to $97.55 per barrel. US West Texas Intermediate crude is down 0.52% to $91.31 a barrel.

The yellow metal gold is decline 0.47% to 1,672.65 dollars per ounce.

Market Wrap: Forex 

The dollar steadied during Asia trade on Tuesday after some of the momentum ebbed out of bets on China’s reopening, and as traders looked ahead to U.S. midterm elections.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is rose 0.29% to 110.310.

The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.20% today. This left the pair trading around $0.99980.

The Japanese yen was positive against the U.S. dollar on Tuesday as the stock up. Today USD/JPY is ascend 0.06% to 146.710 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD slipped 0.36% to 0.64550, and NZD/USD down 0.45 to 0.59110 level.


EUR/USD Intraday: Resistance level at 1.00260

Our pivot point is at 1.00260

Preferable Price Action: Take sell positions below pivot level with targets at 0.99600 & 0.99060 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.00870 & 1.01390.

Comment: RSI below 50 levels and Pairs below 20MA.

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


GBP/USD Intraday: Trend on the downside

Our pivot point is at 1.15280

Preferable Price Action: Sell positions below pivot with targets at 1.13980 & 1.13160 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.16300 & 1.17170.

Comment:  RSI below 50 levels and Pairs below 20MA.

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


USD/JPY Intraday: Support level at 146.740

Our pivot point is at 146.740

Preferable Price Action: Buy position above pivot with the target at 147.610 and 148.290 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 145.890 and 145.270.

Comment: MACD is positive territory and Pairs above its 20MA & 55MA.

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


AUD/USD Intraday: Major resistance level at 0.64840

Our pivot point is at 0.64840

Preferable Price Action: Sell Positions below pivot with targets at 0.64160 & 0.63690 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.65370 & 0.65890 as targets.

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

Green Lines Indicate Resistance Levels  – Red Lines Indicate 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 91.56

Preferable Price Action: Below pivots sell oil with 89.81 & 88.46 as targets.

Alternative Price Action: Buy crude above pivot with targets at 93.15 and 94.53 in extension.

Comment: MACD is in the negative territory and Pairs below its 20MA & 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate 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 1679.20

Preferable Price Action: Further downside to 1657.00 and 1642.00

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1700.20 and 1715.70.

Comment: MACD is negative territory and Pairs below its 20MA & 55MA.

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


Dow Jones Intraday: Trend on the upside

Our pivot point is 32,723.00

Preferable Price Action: Take buy positions above pivot with targets at 33,046.00 & 33,261.00.

Alternative Price Action: Below 32,723.00 looks for further downside to 32,453.00 & 32,231.00.

Comment: RSI above 50 levels and Pairs above 55MA.

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

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