Daily Market Outlook, 28 November, 2022

Market Wrap: Stocks, Bonds, Commodities

The Nasdaq closed Friday’s shorter session lower with pressure from Apple Inc, while the dollar gained as investors shied away from risk as they worried about consumer spending and monitored China’s reaction to a resurgence of Covid cases.

The Dow Jones Industrial Average rose 152.97 points to 34,347.03, the S&P 500 lose 1.14% to 4,026.12 and the Nasdaq Composite subtract 58.96 points to 11,226.36.

MSCI’s index of Asia-Pacific stocks outside Japan is fell 1.19% to 592.10 levels. The Australian index was lower by 0.42% to 7,229.10. Japanese Nikkei Index lose 0.42% today.

European stocks were negative on Monday, with the Stoxx Europe 50 Index fell 0.27% to 3,951.55, Germany’s DAX losing 0.27% to 14,502.15, and France’s CAC declining 0.45% to 6,682.05, and U.K.’s FTSE 100 subtract 0.66% to 7,437.10.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are fell 1.66% to 3.641.

Oil edged lower as unrest in China hurt risk appetite and the demand outlook, adding to stresses in an already-fragile global crude market.

Spot Brent crude oil fell 2.90% to $81.27 per barrel. US West Texas Intermediate crude is losing 3.13% to $73.84 a barrel.

The yellow metal gold is decline 0.03% to 1,753.40 dollars per ounce.

Market Wrap: Forex 

The dollar climbed on Monday as protests in China against the government’s anti-COVID policies made investors turn away from riskier assets, and consigned the Chinese yuan to a more than two-week low against the safe-haven greenback.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.10% to 106.020.

The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.05% today. This left the pair trading around $1.03920.

The Japanese yen was negative against the U.S. dollar on Monday. Today USD/JPY is decline 0.70% to the 138.120 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD fell 0.87% to 0.6690, and NZD/USD lose 0.46% to 0.62150 level.


EUR/USD Intraday: Trend on the upside

Our pivot point is at 1.03680

Preferable Price Action: Take long positions above pivot level with targets at 1.04260 & 1.04710 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.03070 & 1.02660.

Comment: RSI above 50 levels and Pairs above 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


GBP/USD Intraday: Trend on the upside

Our pivot point is at 1.20600

Preferable Price Action: Buy positions above pivot with targets at 1.21350 & 1.21940 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.19880 & 1.19310.

Comment:  RSI above 50 levels and Pairs above 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


USD/JPY Intraday: Trend on the downside

Our pivot point is at 138.580

Preferable Price Action: Sell position below pivot with the target at 137.580 and 136.830 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 139.480 and 140.260.

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 downside

Our pivot point is at 0.67030

Preferable Price Action: Sell Positions below pivot with targets at 0.66620 & 0.66370 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.67350 & 0.67590 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: Major trend on the downside

Our pivot point is at 75.26

Preferable Price Action: Below pivots sell oil with 72.82 & 71.33 as targets.

Alternative Price Action: Buy crude above pivot with targets at 77.16 and 78.80 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: In a consolidation zone

Our pivot point is 1751.10

Preferable Price Action: Further downside to 1743.60 and 1737.80

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1758.60 and 1764.80.

Comment: MACD is flat territory and Pairs above 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


Dow Jones Intraday: In a consolidation zone

Our pivot point is 34,208.00

Preferable Price Action: Take buy positions above the pivot with targets at 34,409.00 & 34,555.00.

Alternative Price Action: Below 34,214.00 looks for further downside to 34,037.00 & 33,904.00.

Comment: RSI at 50 levels.

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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