Daily Market Outlook, 09 November, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the US Congress, with investors betting on a political stalemate that could prevent major policy changes.

The Dow Jones Industrial Average rose 333.83 points to 33,160.00, the S&P 500 gain 21.31 points to 3,828.11 and the Nasdaq Composite add 51.68 points to 10,616.20.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 0.30% to 563.44 levels. Australian index higher 0.58% to 6,999.30. Japanese Nikkei Index drop 0.56% to 27,716.04.

European stocks were negative on Wednesday, with the Stoxx Europe 50 Index fell 0.13% to 3,734.25, Germany’s DAX drop 0.29% to 13,649.50, and France’s CAC down 0.08% to 6,436.14, and U.K.’s FTSE 100 slipped 0.31% to 7,283.50.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.31% to 4.1150.

Oil prices fell more than $2 on Tuesday in choppy trading on growing worries about fuel demand as Covid-19 outbreaks worsened in top crude importer China, and jitters about the outcome of US midterm elections.

Spot Brent crude oil subtract 0.50% to $94.89 per barrel. US West Texas Intermediate crude is down 0.62% to $88.33 a barrel.

The yellow metal gold is decline 0.07% to 1,717.95 dollars per ounce.

Market Wrap: Forex 

The dollar slid on Tuesday as rising German bond yields strengthened the euro, but a strong reading of the consumer price index later this week could reverse the currency’s slide.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is rose 0.05% to 109.480.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.02% today. This left the pair trading around $1.00760.

The Japanese yen was positive against the U.S. dollar on Wednesday as the stock up. Today USD/JPY is drop 0.18% to 145.380 level.

Another commodity-related currency mixed against the U.S dollar, AUD/USD surged 0.18% to 0.65140, and NZD/USD down 0.08 to 0.59490 level.


EUR/USD Intraday: In a consolidation zone

Our pivot point is at 1.00660

Preferable Price Action: Take buy positions above pivot level with targets at 1.01270 & 1.01820 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.00060 & 0.99600.

Comment: RSI at 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


GBP/USD Intraday: Trend on the upside

Our pivot point is at 1.15290

Preferable Price Action: Buy positions above pivot with targets at 1.16350 & 1.17250 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.14320 & 1.13520.

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


USD/JPY Intraday: Support level at 145.640

Our pivot point is at 145.640

Preferable Price Action: Buy position above pivot with the target at 146.530 and 147.270 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 144.770 and 144.070.

Comment: MACD is positive territory and Pairs above 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


AUD/USD Intraday: In a consolidation zone

Our pivot point is at 0.64810

Preferable Price Action: Buy Positions above pivot with targets at 0.65460 & 0.65970 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.64230 & 0.63820 as targets.

Comment: RSI at 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


CRUDEOIL Intraday: Trend on the downside

Our pivot point is at 88.75

Preferable Price Action: Below pivots sell oil with 87.13 & 86.03 as targets.

Alternative Price Action: Buy crude above pivot with targets at 90.37 and 91.64 in extension.

Comment: MACD is in the negative territory and Pairs below 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 upside

Our pivot point is 1708.90

Preferable Price Action: Further upside to 1730.90 and 1748.40

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1688.80 and 1672.30.

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


Dow Jones Intraday: In a consolidation zone

Our pivot point is 33,085.00

Preferable Price Action: Take buy positions above pivot with targets at 33,355.00 & 33,591.00.

Alternative Price Action: Below 33,085.00 looks for further downside to 32,830.00 & 32,621.00.

Comment: RSI at 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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