Daily Market Outlook, 24 November, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street’s main indexes ended Wednesday with solid gains after the Federal Reserve’s November meeting minutes showed interest rate hikes may slow soon.

The Dow Jones Industrial Average rose 95.96 points to 34,194.06, the S&P 500 gained 0.59% to 4,027.26 and the Nasdaq Composite added 110.91 points to 11,285.32.

MSCI’s index of Asia-Pacific stocks outside Japan is rose 1.43% to 601.62 levels. The Australian index was higher by 0.14% to 7,241.80. Japanese Nikkei Index gained 0.95% today.

European stocks were positive on Thursday, with the Stoxx Europe 50 Index rose 0.63% to 3,971.45, Germany’s DAX gaining 0.83% to 14,547.25, and France’s CAC advance 0.67% to 6,724.05, and U.K.’s FTSE 100 added 0.19% to 7,480.35.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are fall 0.54% to 3.689.

Oil prices fell more than 3% on Wednesday, continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than what analysts expected.

Spot Brent crude oil fell 0.37% to $85.09 per barrel. US West Texas Intermediate crude is lost 0.10% to $77.86 a barrel.

The yellow metal gold is rose 0.60% to 1,756.05 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar held onto losses on Thursday after the minutes from the Federal Reserve’s November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slumped 0.10% to 105.865.

The Euro US Dollar (EUR/USD) is a widely traded pair that is gained 0.05% today. This left the pair trading around $1.03020.

The Japanese yen was negative against the U.S. dollar on Wednesday. Today USD/JPY is advanced 0.25% to the 141.590 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.19% to 0.66440, and NZD/USD rose 0.34% to 0.62580 level.


EUR/USD Intraday: Trend on the upside

Our pivot point is at 1.04110

Preferable Price Action: Take long positions above pivot level with targets at 1.04660 & 1.05030 in extension.

Alternative Price Action: below pivot looks for a further downside to 1.03600 & 1.03260.

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 upside

Our pivot point is at 1.20750

Preferable Price Action: Buy positions above pivot with targets at 1.21360 & 1.21850 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.20180 & 1.19700.

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: Major trend on the downside

Our pivot point is at 139.070

Preferable Price Action: Sell position below pivot with the target at 138.360 and 137.740 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 139.770 and 140.360.

Comment: MACD is positive territory and Pairs below its 55MA & 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: Support level at 0.67470

Our pivot point is at 0.67470

Preferable Price Action: Buy Positions above pivot with targets at 0.67850 & 0.68110 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.67150 & 0.66900 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 78.28

Our pivot point is at 78.28

Preferable Price Action: below pivots sell oil with 76.73 & 75.56 as targets.

Alternative Price Action: Buy crude above pivot with targets at 79.73 and 80.81 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: Support at 1753.10

Our pivot point is 1753.10

Preferable Price Action: Further upside to 1763.50 and 1771.10

Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 1743.50 and 1737.00.

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: Trend on the upside

Our pivot point is 34,220.00

Preferable Price Action: Take buy positions above the pivot with targets at 34,401.00 & 34,519.00.

Alternative Price Action: Below 34,220.00 looks for further downside to 34,054.00 & 33,930.00.

Comment: RSI above 50 levels and Pairs above 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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