Daily Market Outlook, 22 November, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street’s main indices ended Monday roughly down amid fears that China could resume stricter measures to fight Covid-19 after it said it faces its most severe test of the pandemic.

The Dow Jones Industrial Average fell 45 points to 33,700.28, the S&P 500 lost 0.39% to 3,949.94 and the Nasdaq Composite slump 1.09% to 11,024.51.

MSCI’s index of Asia-Pacific stocks outside Japan is drop 0.36% to 591.00 levels. Australian index lower 0.17% to 7,139.30. Japanese Nikkei Index ascend 0.16% to 27,944.79.

European stocks were positive on Tuesday, with the Stoxx Europe 50 Index rose 0.44% to 3,926.00, Germany’s DAX gained 0.48% to 14,448.50, and France’s CAC advance 0.45% to 6,664.15, and U.K.’s FTSE 100 added 0.90% to 7,443.30.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.98% to 3.789.

Oil prices rebounded from early losses on Monday after Saudi Arabia denied a report it was discussing an increase in oil supply with OPEC and its allies.

Spot Brent crude oil rose 0.34% to $87.75 per barrel. US West Texas Intermediate crude is up 0.34% to $80.31 a barrel.

The yellow metal gold is rose 0.51% to 1,748.40 dollars per ounce.

Market Wrap: Forex 

The dollar steadied on Tuesday after rallying the previous day as investors flocked to the safe haven currency on worries over China’s COVID flare-ups, while bitcoin came under pressure after fears of fresh contagion from the collapse of crypto exchange FTX.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is slumped 0.35% to 107.350.

The Euro US Dollar (EUR/USD) is a widely traded pair that is gained 0.36% today. This left the pair trading around $1.02760.

The Japanese yen was positive against the U.S. dollar on Tuesday as the stock up. Today USD/JPY is down 0.56% to 141.32 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD surged 0.61% to 0.66440, and NZD/USD rose 0.88% to 0.61490 level.


EUR/USD Intraday: Support at 1.02440

Our pivot point is at 1.02440

Preferable Price Action: Take long positions above pivot level with targets at 1.03190 & 1.03710 in extension.

Alternative Price Action: below pivot looks for a further downside to 1.01810 & 1.01340.

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: Trend on the downside

Our pivot point is at 1.18570

Preferable Price Action: Sell positions below pivot with targets at 1.17860 & 1.17350 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.19200 & 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 140.710

Preferable Price Action: Buy position above pivot with the target at 141.490 and 142.070 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 141.030 and 140.460.

Comment: MACD is positive territory and Pairs above its 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 0.66090

Our pivot point is at 0.66090

Preferable Price Action: Buy Positions above pivot with targets at 0.66300 & 0.66920 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.65630 & 0.65290 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: Support level at 80.40

Our pivot point is at 80.40

Preferable Price Action: Above pivots buy oil with 82.29 & 83.74 as targets.

Alternative Price Action: Sell crude below pivot with targets at 78.68 and 77.36 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: May trend change to upside

Our pivot point is 1742.40

Preferable Price Action: Further upside to 1756.30 and 1767.50

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1730.10 and 1719.90.

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 33,769.00

Preferable Price Action: Take sell positions below pivot with targets at 33,564.00 & 33,430.00.

Alternative Price Action: Above 33,769.00 looks for further upside to 33,955.00 & 33,106.00.

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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