Daily Market Outlook, 18 November, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street’s main indices ended modestly lower on Thursday in a choppy session as hawkish comments from a US Federal Reserve official and data showing the labor market remained tight led some investors to worry about more aggressive interest rate hikes.

The Dow Jones Industrial Average fell 7.51 points to 33,546.32, the S&P 500 lose 12.23 points to 3,946.56 and the Nasdaq Composite subtract 38.70 points to 11,144.96.

MSCI’s index of Asia-Pacific stocks outside Japan is drop 0.17% to 602.02 levels. Australian index higher 0.23% to 7,151.80. Japanese Nikkei Index drop 0.11% to 27,899.77.

European stocks were positive on Friday, with the Stoxx Europe 50 Index rose 0.43% to 3,893.25, Germany’s DAX ascend 0.30% to 14,306.72, and France’s CAC up 0.45% to 6,610.26, and U.K.’s FTSE 100 surged 0.23% to 7,366.50.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.05% to 3.7710.

Oil prices fell more than 3 percent on Thursday, with demand squeezed by mounting Covid-19 cases in China and fears of more aggressive hikes in US interest rates.

Spot Brent crude oil add 0.23% to $90.01 per barrel. US West Texas Intermediate crude is up 0.61% to $82.19 a barrel.

The yellow metal gold is advance 0.15% to 1,765.60 dollars per ounce.

Market Wrap: Forex 

The dollar rose on Thursday as U.S. Treasury yields increased and investors eyed hawkish comments from Federal Reserve officials, while the British pound fell as investors were left unimpressed by the UK government’s latest budget.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is fell 0.07% to 106.510.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.04% today. This left the pair trading around $1.03640.

The Japanese yen was positive against the U.S. dollar on Friday as the stock up. Today USD/JPY is drop 0.12% to 140.000 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD surged 0.33% to 0.67030, and NZD/USD up 0.63 to 0.61640 level.


EUR/USD Intraday: Support level at 1.03650

Our pivot point is at 1.03650

Preferable Price Action: Take buy positions above pivot level with targets at 1.04040 & 1.04320 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.03300 & 1.03040.

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 upside

Our pivot point is at 1.18870

Preferable Price Action: Buy positions above pivot with targets at 1.19520 & 1.20020 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: Trend on the downside

Our pivot point is at 140.120

Preferable Price Action: Sell position below pivot with the target at 139.540 and 139.080 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 140.660 and 141.120.

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 0.66970

Preferable Price Action: Buy Positions above pivot with targets at 0.67540 & 0.67980 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.66500 & 0.66130 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: Resistance level at 82.54

Our pivot point is at 82.54

Preferable Price Action: Below pivots sell oil with 80.71 & 79.36 as targets.

Alternative Price Action: Buy crude above pivot with targets at 84.01 and 85.37 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: Trend on the upside

Our pivot point is 1765.00

Preferable Price Action: Further upside to 1773.20 and 1778.80

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1758.10 and 1753.00.

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 33,546.00

Preferable Price Action: Take sell positions below pivot with targets at 33,398.00 & 33,288.00.

Alternative Price Action: Above 33,546.00 looks for further upside to 33,672.00 & 33,776.00.

Comment: RSI at 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

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