Daily Market Outlook, 10 November, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street ended sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes.

The Dow Jones Industrial Average fell 649.89 points to 32,513.94, the S&P 500 lose 79.54 points to 3,748.57 and the Nasdaq Composite subtract 263.02 points to 10,353.17.

MSCI’s index of Asia-Pacific stocks outside Japan is drop 1.55% to 554.12 levels. Australian index lower 0.50% to 6,964.00. Japanese Nikkei Index drop 0.98% to 27,446.10.

European stocks were negative on Thursday, with the Stoxx Europe 50 Index fell 0.21% to 3,720.35, Germany’s DAX drop 0.21% to 13,636.50, and France’s CAC down 0.27% to 6,413.17, and U.K.’s FTSE 100 surged 0.14% to 7,295.30.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 1.20% to 4.0920.

Oil prices sank by roughly $3 a barrel on Wednesday after industry data showed that US crude stockpiles rose more than expected and on concerns that a rebound in Covid-19 cases in top importer China would hurt fuel demand.

Spot Brent crude oil subtract 0.28% to $92.44 per barrel. US West Texas Intermediate crude is down 0.42% to $85.50 a barrel.

The yellow metal gold is decline 0.12% to 1,711.70 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar slipped lower in early European trade Wednesday, handing back some of its overnight gains ahead of the release of key U.S. inflation data.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is fell 0.06% to 110.390.

The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.16% today. This left the pair trading around $0.99910.

The Japanese yen was positive against the U.S. dollar on Thursday as the stock up. Today USD/JPY is drop 0.10% to 146.300 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD slipped 0.44% to 0.64030, and NZD/USD down 0.34 to 0.58600 level.


EUR/USD Intraday: Resistance level at 1.00480

Our pivot point is at 1.00480

Preferable Price Action: Take sell positions below pivot level with targets at 0.99440 & 0.98720 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.01400 & 1.02110.

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


GBP/USD Intraday: Trend on the upside

Our pivot point is at 1.13820

Preferable Price Action: Buy positions above pivot with targets at 1.15050 & 1.15970 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.12810 & 1.11890.

Comment:  RSI above 50 levels 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


USD/JPY Intraday: Trend on the downside

Our pivot point is at 146.570

Preferable Price Action: Sell position below pivot with the target at 145.500 and 144.710 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 147.510 and 148.290.

Comment: MACD is negative territory 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


AUD/USD Intraday: Trend on the downside

Our pivot point is at 0.64330

Preferable Price Action: Sell Positions below pivot with targets at 0.63530 & 0.62950 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.65140 & 0.65720 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 85.81

Preferable Price Action: Below pivots sell oil with 82.94 & 81.17 as targets.

Alternative Price Action: Buy crude above pivot with targets at 88.43 and 90.65 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: Major support level at 1707.50

Our pivot point is 1707.50

Preferable Price Action: Further upside to 1734.40 and 1751.80

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1684.00 and 1667.30.

Comment: MACD is positive territory.

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 downside

Our pivot point is 32,664.00

Preferable Price Action: Take sell positions below pivot with targets at 32,348.00 & 32,141.00.

Alternative Price Action: Above 32,664.00 looks for further upside to 32,951.00 & 33,165.00.

Comment: RSI below 50 levels 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

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