Daily Market Outlook, 25 November, 2022

Market Wrap: Stocks, Bonds, Commodities

Shares in the Asia-Pacific traded mixed as investors digest economic data from the region, including Tokyo’s consumer price index and Singapore’s final gross domestic product readings.

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 0.12% to 600.62 levels. The Australian index was higher by 0.24% to 7,259.50. Japanese Nikkei Index lose 0.35% today.

European stocks were mixed on Friday, with the Stoxx Europe 50 Index fell 0.02% to 3,961.35, Germany’s DAX gaining 0.06% to 14,548.52, and France’s CAC advance 0.01% to 6,708.86, and U.K.’s FTSE 100 added 0.08% to 7,472.58.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are fell 1.15% to 3.657.

Benchmark Brent oil edged lower on Thursday while West Texas Intermediate (WTI) crude held steady, hovering in sight of two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply.

Spot Brent crude oil rose 0.73% to $85.96 per barrel. US West Texas Intermediate crude is gain 0.90% to $78.62 a barrel.

The yellow metal gold is rose 0.32% to 1,751.15 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar extended 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 0.20% to 105.750.

The Euro US Dollar (EUR/USD) is a widely traded pair that is gained 0.11% today. This left the pair trading around $1.04190.

The Japanese yen was negative against the U.S. dollar on Friday. Today USD/JPY is advanced 0.03% to the 138.660 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD fell 0.13% to 0.67540, and NZD/USD lose 0.24% to 0.62500 level.


EUR/USD Intraday: Major support level at 1.04110

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 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 1.21000

Preferable Price Action: Buy positions above pivot with targets at 1.21750 & 1.22270 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.20390 & 1.19890.

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 139.080

Preferable Price Action: Sell position below pivot with the target at 138.030 and 137.410 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 139.950 and 140.620.

Comment: MACD is flat territory 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


AUD/USD Intraday: Trend on the upside

Our pivot point is at 0.67570

Preferable Price Action: Buy Positions above pivot with targets at 0.67960 & 0.68250 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.67220 & 0.66940 as targets.

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


CRUDEOIL Intraday: Trend on the upside

Our pivot point is at 78.14

Preferable Price Action: Above pivots buy oil with 79.35 & 80.18 as targets.

Alternative Price Action: Sell crude below pivot with targets at 77.04 and 76.23 in extension.

Comment: MACD is in the 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


XAU/USD Intraday: Trend on the downside

Our pivot point is 1757.60

Preferable Price Action: Further downside to 1749.40 and 1743.90

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1764.40 and 1770.20.

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 upside

Our pivot point is 34,214.00

Preferable Price Action: Take buy positions above the pivot with targets at 34,400.00 & 34,536.00.

Alternative Price Action: Below 34,214.00 looks for further downside to 34,049.00 & 33,926.00.

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

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