Daily Market Outlook, 21 November, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street’s benchmark S&P 500 index ended higher on Friday in a choppy trading session, as gains in defensive shares overshadowed energy declines, and investors shrugged off hawkish comments from Federal Reserve officials about interest rate hikes.

The Dow Jones Industrial Average rose 199.37 points to 33,745.69, the S&P 500 gain 18.78 points to 3,965.34 and the Nasdaq Composite add 1.11 points to 11,146.06.

MSCI’s index of Asia-Pacific stocks outside Japan is drop 1.38% to 593.46 levels. Australian index lower 0.17% to 7,139.30. Japanese Nikkei Index ascend 0.16% to 27,944.79.

European stocks were negative on Monday, with the Stoxx Europe 50 Index fell 0.25% to 3,915.05, Germany’s DAX drop 0.22% to 14,399.19, and France’s CAC down 0.23% to 6,628.86, and U.K.’s FTSE 100 slipped 0.29% to 7,365.03.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.31% to 3.8060.

Oil prices dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and U.S. dollar strength weighed on prices.

Spot Brent crude oil subtract 0.42% to $87.25 per barrel. US West Texas Intermediate crude is down 0.25% to $79.92 a barrel.

The yellow metal gold is decline 0.60% to 1,743.85 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar was firmly higher against major currencies on Monday, while China’s yuan slipped as sentiment was soured by rising COVID cases and tightening restrictions in some cities in the world’s second-biggest economy.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is rose 0.54% to 107.390.

The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.56% today. This left the pair trading around $1.02650.

The Japanese yen was positive against the U.S. dollar on Monday as the stock up. Today USD/JPY is ascend 0.44% to 140.970 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD surged 0.44% to 0.66420, and NZD/USD down 0.37 to 0.61290 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.02950

Preferable Price Action: Take sell positions below pivot level with targets at 1.02460 & 1.02090 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.03380 & 1.03780.

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 downside

Our pivot point is at 1.18570

Preferable Price Action: Sell positions below pivot with targets at 1.17780 & 1.17320 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.19210 & 1.19720.

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


USD/JPY Intraday: Major trend on the upside

Our pivot point is at 140.630

Preferable Price Action: Buy position above pivot with the target at 141.410 and 142.000 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 139.910 and 139.360.

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


AUD/USD Intraday: Resistance level at 0.66640

Our pivot point is at 0.66640

Preferable Price Action: Sell Positions below pivot with targets at 0.65960 & 0.65530 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.67200 & 0.67670 as targets.

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


CRUDEOIL Intraday: Support level at 79.53

Our pivot point is at 79.53

Preferable Price Action: Above pivots buy oil with 81.75 & 83.51 as targets.

Alternative Price Action: Sell crude below pivot with targets at 77.60 and 76.00 in extension.

Comment: MACD is in the positive territory 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


XAU/USD Intraday: Trend on the downside

Our pivot point is 1748.10

Preferable Price Action: Further downside to 1735.70 and 1727.50

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1758.80 and 1767.40.

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


Dow Jones Intraday: Trend on the downside

Our pivot point is 33,700.00

Preferable Price Action: Take sell positions below pivot with targets at 33,525.00 & 33,400.00.

Alternative Price Action: Above 33,700.00 looks for further upside to 33,836.00 & 33,965.00.

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

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