Daily Market Outlook, 14 November, 2022

Market Wrap: Stocks, Bonds, Commodities

The S&P 500 and Nasdaq ended sharply higher on Friday, extending a rally started the day before after a soft inflation reading raised hopes the Federal Reserve would turn less aggressive on raising the interest rates.

The Dow Jones Industrial Average rose 32.49 points to 33,747.86, the S&P 500 gain 36.56 points to 3,992.93 and the Nasdaq Composite add 209.18 points to 11,323.33.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 0.79% to 596.31 levels. Australian index lower 0.16% to 7,146.30. Japanese Nikkei Index drop 1.06% to 27,963.47.

European stocks were positive on Monday, with the Stoxx Europe 50 Index rose 0.28% to 3,879.35, Germany’s DAX ascend 0.34% to 14,271.43, and France’s CAC up 0.42% to 6,620.79, and U.K.’s FTSE 100 surged 0.39% to 7,359.95.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a positive 1.38% to 3.8820.

Oil prices rose on Monday, extending gains from the previous session, after China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world’s top crude importer.

Spot Brent crude oil subtract 0.20% to $95.81 per barrel. US West Texas Intermediate crude is down 0.30% to $88.69 a barrel.

The yellow metal gold is decline 0.22% to 1,765.65 dollars per ounce.

Market Wrap: Forex 

The dollar fell across the board for a second straight day on Friday, as investors favoured riskier currencies following signs U.S. inflation is cooling that boosted the case for the Federal Reserve to ease off its hefty interest rate hikes.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is rose 0.48% to 106.660.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.27% today. This left the pair trading around $1.03240.

The Japanese yen was positive against the U.S. dollar on Monday as the stock up. Today USD/JPY is ascend 0.39% to 139.330 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD slipped 0.13% to 0.66930, and NZD/USD down 0.02 to 0.60990 level.


EUR/USD Intraday: Trend on the upside

Our pivot point is at 1.03090

Preferable Price Action: Take buy positions above pivot level with targets at 1.04090 & 1.04920 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.02200 & 1.01440.

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


GBP/USD Intraday: Trend on the downside

Our pivot point is at 1.18150

Preferable Price Action: Sell positions below pivot with targets at 1.17000 & 1.16100 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.19270 & 1.20140.

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: Resistance level at 139.920

Our pivot point is at 139.920

Preferable Price Action: Sell position below pivot with the target at 137.990 and 136.750 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 141.540 and 142.830.

Comment: MACD is 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


AUD/USD Intraday: Support level at 0.66760

Our pivot point is at 0.66760

Preferable Price Action: Buy Positions above pivot with targets at 0.67450 & 0.67980 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.66120 & 0.65610 as targets.

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


CRUDEOIL Intraday: Trend on the downside

Our pivot point is at 88.87

Preferable Price Action: Below pivots sell oil with 86.03 & 83.97 as targets.

Alternative Price Action: Buy crude above pivot with targets at 91.60 and 93.75 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 resistance level at 1769.00

Our pivot point is 1769.00

Preferable Price Action: Further downside to 1743.60 and 1724.50

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1793.50 and 1811.10.

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


Dow Jones Intraday: In a consolidation zone

Our pivot point is 33,828.00

Preferable Price Action: Take sell positions below pivot with targets at 33,516.00 & 33,269.00.

Alternative Price Action: Above 33,828.00 looks for further upside to 34,126.00 & 34,373.00.

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

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