Daily Market Outlook, 29 November, 2022

Market Wrap: Stocks, Bonds, Commodities

US stocks ended sharply lower on Monday after protests in major Chinese cities against strict Covid-19 policies sparked concerns about economic growth, while Apple Inc slid on worries about a hit to iPhone production.

The Dow Jones Industrial Average fell 497.57 points to 33,849.46, the S&P 500 lose 1.54% to 3,963.94 and the Nasdaq Composite subtract 176.86 points to 11,049.50.

MSCI’s index of Asia-Pacific stocks outside Japan is rose 2.36% to 606.22 levels. The Australian index was higher by 0.33% to 7,253.30. Japanese Nikkei Index lose 0.48% today.

European stocks were positive on Tuesday, with the Stoxx Europe 50 Index rose 0.25% to 3,945.25, Germany’s DAX gain 0.02% to 14,383.73, and France’s CAC advance 0.22% to 6,680.96, and U.K.’s FTSE 100 add 0.59% to 7,519.25.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are negative 1.16% to 3.659.

Global oil benchmarks pulled back from their lowest levels in nearly a year on Monday, with US crude ending positive, bolstered by talk of an OPEC+ production cut that offset concerns about strict Covid-19 curbs in China, the world’s biggest crude importer.

Spot Brent crude oil rose 2.15% to $85.69 per barrel. US West Texas Intermediate crude is up 1.99% to $78.75 a barrel.

The yellow metal gold is advance 0.76% to 1,753.50 dollars per ounce.

Market Wrap: Forex 

The dollar clawed back earlier losses on Monday as a hawkish Federal Reserve official laid out the case for further rate hikes, while the Australian dollar sank on concerns about unrest over COVID-19 restrictions in China.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.33% to 106.280.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.21% today. This left the pair trading around $1.03570.

The Japanese yen was negative against the U.S. dollar on Tuesday. Today USD/JPY is drop 0.52% to the 138.210 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD rose 1.14% to 0.67240, and NZD/USD gain 1.07% to 0.62290 level.


EUR/USD Intraday: In a consolidation zone

Our pivot point is at 1.03930

Preferable Price Action: Take short positions below pivot level with targets at 1.03310 & 1.02820 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.04480 & 1.04950.

Comment: RSI at 50 levels 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


GBP/USD Intraday: Trend on the upside

Our pivot point is at 1.19940

Preferable Price Action: Buy positions above pivot with targets at 1.20590 & 1.21030 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.19310 & 1.18830.

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 upside

Our pivot point is at 0.67060

Preferable Price Action: Buy Positions above pivot with targets at 0.67590 & 0.67950 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.66630 & 0.66300 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 78.45

Our pivot point is at 78.45

Preferable Price Action: Above pivots buy oil with 80.12 & 81.49 as targets.

Alternative Price Action: Sell crude below pivot with targets at 76.83 and 75.60 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 upside

Our pivot point is 1751.80

Preferable Price Action: Further upside to 1762.20 and 1770.40

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1743.40 and 1736.50.

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 34,005.00

Preferable Price Action: Take sell positions below the pivot with targets at 33,844.00 & 33,739.00.

Alternative Price Action: Above 34,005.00 looks for further upside to 34,130.00 & 34,243.00.

Comment: RSI at 50 levels 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

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