Daily Market Outlook, 11 November, 2022

Market Wrap: Stocks, Bonds, Commodities

The S&P 500 and Nasdaq jumped on Thursday, racking up their biggest daily percentage gains in over 2-1/2 years as a sign of slowing inflation in October sparked speculation the Federal Reserve might become less aggressive with interest rate hikes.

The Dow Jones Industrial Average rose 1201.43 points to 33,715.37, the S&P 500 gain 207.80 points to 3,956.37 and the Nasdaq Composite add 760.97 points to 11,114.15.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 5.80% to 588.87 levels. Australian index higher 2.79% to 7,158.00. Japanese Nikkei Index ascend 2.98% to 28,263.57.

European stocks were positive on Friday, with the Stoxx Europe 50 Index rose 0.81% to 3,877.75, Germany’s DAX ascend 0.46% to 14,207.00, and France’s CAC up 0.99% to 6,621.67, and U.K.’s FTSE 100 surged 0.54% to 7,412.20.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.48% to 4.8110.

Oil prices rose on Friday as fears of a U.S. recession eased but were on track for weekly declines of more than 4% after a jump in COVID-19 cases in top oil importer China raised the spectre of weaker fuel demand.

Spot Brent crude oil add 2.37% to $95.88 per barrel. US West Texas Intermediate crude is up 2.42% to $88.59 a barrel.

The yellow metal gold is advance 0.42% to 1,761.45 dollars per ounce.

Market Wrap: Forex 

The dollar hovered around two-month lows on Friday after falling sharply on data that showed U.S. inflation eased more than expected, with Treasury yields also down as investors positioned for a smaller interest rate hike by the Federal Reserve in December.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is fell 0.53% to 107.510.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.37% today. This left the pair trading around $1.02480.

The Japanese yen was positive against the U.S. dollar on Friday as the stock up. Today USD/JPY is ascend 0.27% to 141.320 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD surged 0.48% to 0.66470, and NZD/USD up 0.14 to 0.60320 level.


EUR/USD Intraday: Trend on the upside

Our pivot point is at 1.02130

Preferable Price Action: Take buy positions above pivot level with targets at 1.03180 & 1.03870 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.01190 & 1.00410.

Comment: RSI above 50 levels 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


GBP/USD Intraday: Support level at 1.16980

Our pivot point is at 1.16980

Preferable Price Action: Buy positions above pivot with targets at 1.18210 & 1.19080 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.15820 & 1.14900.

Comment:  RSI above 50 levels 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


USD/JPY Intraday: Trend on the downside

Our pivot point is at 141.980

Preferable Price Action: Sell position below pivot with the target at 140.260 and 138.980 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 143.460 and 144.720.

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


AUD/USD Intraday: Trend on the upside

Our pivot point is at 0.66340

Preferable Price Action: Buy Positions above pivot with targets at 0.67010 & 0.67460 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.65780 & 0.65290 as targets.

Comment: RSI above 50 levels 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


CRUDEOIL Intraday: Major trend on the upside

Our pivot point is at 87.10

Preferable Price Action: Above pivots buy oil with 89.72 & 91.91 as targets.

Alternative Price Action: Sell crude below pivot with targets at 84.40 and 82.56 in extension.

Comment: MACD is in the 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


XAU/USD Intraday: Major support level at 1756.70

Our pivot point is 1756.70

Preferable Price Action: Further upside to 1784.90 and 1805.80

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1729.40 and 1707.70.

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: Trend on the upside

Our pivot point is 33,833.00

Preferable Price Action: Take buy positions above pivot with targets at 34,140.00 & 34,373.00.

Alternative Price Action: Below 33,833.00 looks for further downside to 33,527.00 & 33,291.00.

Comment: RSI above 50 levels 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

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