Daily Market Outlook, 15 November, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street’s main indices ended lower on Monday, with real estate and discretionary sectors leading broad declines, as investors digested comments from US Federal Reserve officials about plans for interest rate hikes and looked for next catalysts after last week’s big stock market rally.

The Dow Jones Industrial Average fell 211.16 points to 33,536.70, the S&P 500 lose 35.68 points to 3,957.25 and the Nasdaq Composite subtract 127.11 points to 11,196.22.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 2.55% to 610.87 levels. Australian index lower 0.07% to 7,141.60. Japanese Nikkei Index ascend 0.10% to 27,990.17.

European stocks were positive on Tuesday, with the Stoxx Europe 50 Index rose 0.49% to 3,887.51, Germany’s DAX ascend 0.62% to 14,313.30, and France’s CAC up 0.22% to 6,609.17, and U.K.’s FTSE 100 surged 0.92% to 7,385.17.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.93% to 3.8310.

Oil prices settled around $3 lower on Monday, dragged down by a firmer US dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer.

Spot Brent crude oil subtract 0.21% to $92.88 per barrel. US West Texas Intermediate crude is down 0.56% to $85.44 a barrel.

The yellow metal gold is advance 0.50% to 1,785.10 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar climbed versus the yen and stayed firm against other major peers on Tuesday as more Federal Reserve officials made the case for even tighter U.S. monetary policy.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is fell 0.43% to 106.070.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.77% today. This left the pair trading around $1.04060.

The Japanese yen was positive against the U.S. dollar on Tuesday as the stock up. Today USD/JPY is drop 0.38% to 139.340 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD surged 0.94% to 0.67590, and NZD/USD up 1.05 to 0.61580 level.


EUR/USD Intraday: Major trend on the upside

Our pivot point is at 1.03530

Preferable Price Action: Take buy positions above pivot level with targets at 1.04810 & 1.05730 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.02370 & 1.01510.

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 1.17910

Our pivot point is at 1.17910

Preferable Price Action: Buy positions above pivot with targets at 1.19230 & 1.20070 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.16840 & 1.15960.

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: Resistance level at 140.700

Our pivot point is at 140.700

Preferable Price Action: Sell position below pivot with the target at 137.690 and 135.710 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 143.370 and 145.420.

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 0.67190

Preferable Price Action: Buy Positions above pivot with targets at 0.68100 & 0.68740 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.66450 & 0.65820 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: Trend on the downside

Our pivot point is at 85.82

Preferable Price Action: Below pivots sell oil with 83.55 & 81.73 as targets.

Alternative Price Action: Buy crude above pivot with targets at 88.01 and 89.70 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: Major support level at 1770.30

Our pivot point is 1770.30

Preferable Price Action: Further upside to 1797.30 and 1815.10

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1748.70 and 1733.00.

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 33,685.00

Preferable Price Action: Take buy positions above pivot with targets at 33,959.00 & 34,175.00.

Alternative Price Action: Below 33,685.00 looks for further downside to 33,415.00 & 33,199.00.

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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