Daily Market Outlook, 17 November, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street’s main indices ended lower on Wednesday as a grim outlook from Target spurred fresh concerns about retailers heading into the crucial holiday season, while semiconductor shares slid after Micron’s supply cut.

The Dow Jones Industrial Average fell 39.09 points to 33,553.83, the S&P 500 lose 32.94 points to 3,958.79 and the Nasdaq Composite subtract 174.75 points to 11,183.66.

MSCI’s index of Asia-Pacific stocks outside Japan is drop 0.97% to 603.69 levels. Australian index higher 0.19% to 7,135.70. Japanese Nikkei Index drop 0.35% to 27,930.57.

European stocks were positive on Thursday, with the Stoxx Europe 50 Index rose 0.54% to 3,903.85, Germany’s DAX ascend 0.90% to 14,358.99, and France’s CAC up 0.23% to 6,622.33, and U.K.’s FTSE 100 slipped 0.18% to 7,338.40.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.06% to 3.6920.

Oil prices settled more than a dollar lower on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted and as rising Covid-19 cases in China weighed on sentiment.

Spot Brent crude oil subtract 0.14% to $92.73 per barrel. US West Texas Intermediate crude is down 0.42% to $85.25 a barrel.

The yellow metal gold is decline 0.30% to 1,770.80 dollars per ounce.

Market Wrap: Forex 

The dollar rebounded on Thursday as strong U.S. retail data cast doubt on the recent narrative that inflation is in retreat and U.S. interest rates need not rise too much further.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is fell 0.04% to 106.105.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.02% today. This left the pair trading around $1.03960.

The Japanese yen was positive against the U.S. dollar on Thursday as the stock up. Today USD/JPY is drop 0.30% to 139.120 level.

Another commodity-related currency mixed against the U.S dollar, AUD/USD slipped 0.04% to 0.67380, and NZD/USD up 0.18 to 0.61580 level.


EUR/USD Intraday: Resistance level at 1.03960

Our pivot point is at 1.03960

Preferable Price Action: Take sell positions below pivot level with targets at 1.03290 & 1.02790 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.04550 & 1.05030.

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 1.18870

Preferable Price Action: Buy positions above pivot with targets at 1.19560 & 1.20030 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.18270 & 1.17820.

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: In a consolidation zone

Our pivot point is at 139.290

Preferable Price Action: Buy position above pivot with the target at 140.230 and 140.950 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 138.500 and 137.890.

Comment: MACD is flat 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: Trend on the upside

Our pivot point is at 0.67080

Preferable Price Action: Buy Positions above pivot with targets at 0.67700 & 0.68150 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.66580 & 0.66150 as targets.

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


CRUDEOIL Intraday: Trend on the upside

Our pivot point is at 83.98

Preferable Price Action: Above pivots buy oil with 85.29 & 86.30 as targets.

Alternative Price Action: Sell crude below pivot with targets at 82.62 and 81.63 in extension.

Comment: MACD is in the 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


XAU/USD Intraday: In a consolidation zone

Our pivot point is 1774.90

Preferable Price Action: Further downside to 1758.00 and 1746.40

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1789.90 and 1803.30.

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


Dow Jones Intraday: Major support level at 33,597.00

Our pivot point is 33,597.00

Preferable Price Action: Take buy positions above pivot with targets at 33,742.00 & 33,845.00.

Alternative Price Action: Below 33,597.00 looks for further downside to 33,455.00 & 33,344.00.

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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