Daily Market Outlook, 30 November, 2022

Market Wrap: Stocks, Bonds, Commodities

The S&P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by US Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes.

The Dow Jones Industrial Average rose 3.07 points to 33,852.53, the S&P 500 lose 0.16% to 3,957.63 and the Nasdaq Composite subtract 0.59 points to 10,983.78.

MSCI’s index of Asia-Pacific stocks outside Japan is rose 1.42% to 617.80 levels. The Australian index was higher by 0.43% to 7,284.20. Japanese Nikkei Index lose 0.21% today.

European stocks were positive on Wednesday, with the Stoxx Europe 50 Index rose 0.54% to 3,955.65, Germany’s DAX gain 0.53% to 14,430.15, and France’s CAC advance 0.44% to 6,698.55, and U.K.’s FTSE 100 add 0.36% to 7,538.95.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are negative 0.35% to 3.735.

Oil rose on Tuesday on expectations for a loosening of China’s strict COVID-19 controls, but concerns that OPEC+ would keep its output unchanged at its upcoming meeting limited gains.

Spot Brent crude oil rose 0.88% to $84.99 per barrel. US West Texas Intermediate crude is up 0.87% to $78.89 a barrel.

The yellow metal gold is advance 1.20% to 1,769.25 dollars per ounce.

Market Wrap: Forex 

The safe-haven U.S. dollar eased from a one-week high on Wednesday amid increasing optimism for a loosening of China’s COVID restrictions, although moves were muted ahead of a speech by Federal Reserve Chair Jerome Powell later in the day.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.21% to 106.540.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.28% today. This left the pair trading around $1.03560.

The Japanese yen was negative against the U.S. dollar on Wednesday. Today USD/JPY is drop 0.02% to the 138.670 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.39% to 0.67130, and NZD/USD gain 0.49% to 0.62270 level.


EUR/USD Intraday: Trend on the upside

Our pivot point is at 1.03450

Preferable Price Action: Take long positions above pivot level with targets at 1.03790 & 1.04100 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.03130 & 1.02880.

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 downside

Our pivot point is at 1.19790

Preferable Price Action: Sell positions below pivot with targets at 1.19280 & 1.18880 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.20320 & 1.20760.

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: Resistance level at 138.890

Our pivot point is at 138.890

Preferable Price Action: Sell position below pivot with the target at 138.210 and 137.670 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 139.530 and 140.110.

Comment: MACD is negative 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 0.67060

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: In a consolidation zone

Our pivot point is at 78.46

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 flat territory and Pairs at 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 33,835.00

Preferable Price Action: Take buy positions above the pivot with targets at 33,979.00 & 34,074.00.

Alternative Price Action: Below 33,835.00 looks for further downside to 33,716.00 & 33,629.00.

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

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