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Here are today’s directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!

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Daily Market Brief
November 21, 2022

 
 
 
Here are today’s directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!
 
 

 

EUR/USD  

GBP/USD  

USD/JPY  

EUR/GBP  

AUD/USD  

Nikkei 225 (OSE)  

FTSE 100 (ICE Europe)  

Nasdaq 100 (CME)  

S&P 500 (CME)  

Dax (Eurex)  

FTSE 100 (ICE Europe)  

Gold  

Crude Oil (WTI)  

 
 
  Market Wrap: Stocks, Bonds, Commodities  
 
 
On Friday, U.S. stocks went through a volatile trading session, but managed to post modest gains at close . The Dow Jones Industrial Average gained 199 points (+0.59%) to 33,745, the S&P 500 rose 18 points (+0.48%) to 3,965, while the Nasdaq 100 was unchanged at 11,677.

The U.S. 10-year Treasury yield advanced a further 5.8 basis points to 3.823%.

Utilities (+2.00%), health-care equipment & services (+1.98%), and household & personal products (+1.41%) sectors were the top performers, while energy (-0.90%), automobiles (-0.85%), and media (-0.53%) sectors lagged behind.

Gap Inc (GPS) rose 7.55% and Ross Stores (ROST) jumped 9.86%, as both apparel retailers reported better-than-expected quarterly results.

Foot Locker (FL) increased 8.73% after the athletic footwear retailer raised its full-year sales and earnings forecast.

Palo Alto Networks (PANW) gained 6.97%, as the cybersecurity firm posted a better-than-expected second-quarter earnings forecast.

On the other hand, Carvana (CVNA) fell 3.13% after the used-car platform announced plans to cut 1,500 jobs or 8% of its workforce.

Coinbase Global (COIN) dropped 7.24%, as the cryptocurrency exchange was downgraded to “neutral” at Bank of America.

Tesla (TSLA) declined 1.63% Friday, chalking up a three-week loss of 21.15%.

Regarding U.S. economic data, the number of existing home sales fell to an annualized rate of 4.43 million units in October (vs 4.30 million units expected). The Conference Board leading index declined -0.8% on month in October (vs -0.2% expected).

Due to Thanksgiving holidays, U.S. markets will close on Thursday (November 24) and trade half-day on Friday (November 25).

European stocks closed higher. The DAX 40 rose 1.16%, the CAC 40 gained 1.04%, and the FTSE 100 was up 0.53%.

U.S. WTI crude futures dropped $1.40 to $80.27 a barrel.

Gold price slipped $10 to $1,750 an ounce.

 
 
  Market Wrap: Forex  
 
 
The U.S. dollar held up well against other major currencies, buoyed by rebounding Treasury yields. The dollar index charged higher to 106.97.

EUR/USD dropped 37 pips to 1.0325.

USD/JPY gained 21 pips to 140.41.

GBP/USD added 19 pips to 1.1883. U.K. official data showed that retail sales increased 0.6% on month in October (vs -0.1% expected).

AUD/USD slipped 12 pips to 0.6673.

USD/CHF gained 25 pips to 0.9542, and USD/CAD rose 55 pips to 1.3383.

Bitcoin continued to hold up at levels around $16,700.

 
 
  Morning Trading  
 
 
In Asian trading hours, the U.S. dollar gained further strength against other major currencies.

USD/JPY held up well at 140.43, while AUD/USD started a fourth declining session trading down to 0.6641.

Also, EUR/USD fell to 1.0294, and GBP/USD declined to 1.1844.

Gold dropped further to $1,745 an ounce.

Bitcoin slumped over 4% to dip below $16,000.

 
 
  Expected Today  
 
 
Germany’s producer prices are expected to surge 42.0% on year in October.

In the U.S., the Chicago Fed National Activity Index is expected to remain stable at 0.1 in October.

 
 
  Indices  
 
 
Last Close %1D %YTD
 
Dax
14,431.86
+1.16%
-9.10%
 
 
FTSE 100
7,385.52
+0.53%
0.00%
 
 
S&P 500
3,965.34
+0.48%
-16.80%
 
 
Dow Jones
33,745.69
+0.59%
-7.13%
 
 
Nasdaq 100
11,677.02
0.00%
-28.40%
 
 
Nikkei 225
27,909.88
+0.04%
-3.10%
 
 

     
  Today’s Economic Events  
 
  Economic Calendar    
 
Time Event Forecast Importance
 
08:00
DE
PPI YoY (Oct)
42%
High
 
 
08:00
DE
PPI MoM (Oct)
1.1%
High
 
 
09:00
EA
ECB Fernandez-Bollo Speech
Low
 
 
10:05
GB
BoE Cunliffe Speech
Low
 
 
11:30
DE
12-Month Bubill Auction
Low
 
 
14:30
US
Chicago Fed National Activity Index (Oct)
0.1
Medium
 
 
15:00
FR
12-Month BTF Auction
Low
 
 
15:00
FR
6-Month BTF Auction
Low
 
 
15:00
FR
3-Month BTF Auction
Low
 
 
17:30
US
6-Month Bill Auction
Low
 
 
17:30
US
2-Year Note Auction
Low
 
 
19:00
US
3-Month Bill Auction
Low
 
 
19:00
US
5-Year Note Auction
Low
 
 

     
  The Analyst Views  
 

 

EUR/USD Intraday: under pressure.
 
Pivot:
1.0320
 
Our preference:
Short positions below 1.0320 with targets at 1.0250 & 1.0220 in extension.
 
Alternative scenario:
Above 1.0320 look for further upside with 1.0340 & 1.0355 as targets.
 
Comment:
The RSI shows downside momentum.
 
Analyst Views Chart
 
 
 
 

 

GBP/USD Intraday: under pressure.
 
Pivot:
1.1875
 
Our preference:
Short positions below 1.1875 with targets at 1.1785 & 1.1760 in extension.
 
Alternative scenario:
Above 1.1875 look for further upside with 1.1900 & 1.1925 as targets.
 
Comment:
The RSI shows downside momentum.
 
Analyst Views Chart
 
 
 
 

 

USD/JPY Intraday: the upside prevails.
 
Pivot:
139.95
 
Our preference:
Long positions above 139.95 with targets at 140.75 & 141.10 in extension.
 
Alternative scenario:
Below 139.95 look for further downside with 139.65 & 139.35 as targets.
 
Comment:
The RSI shows upside momentum.
 
Analyst Views Chart
 
 
 
 

 

EUR/GBP intraday: rebound towards 0.8756
 
Our pivot point stands at 0.8659.
 
Our preference:
Rebound towards 0.8756.
 
Alternative scenario:
Below 0.8659, expect 0.8623 and 0.8602.
 
Comment:
The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.8689 and 0.8698).
 
Analyst Views Chart
 
 
 
 

 

AUD/USD Intraday: under pressure.
 
Pivot:
0.6685
 
Our preference:
Short positions below 0.6685 with targets at 0.6615 & 0.6600 in extension.
 
Alternative scenario:
Above 0.6685 look for further upside with 0.6705 & 0.6730 as targets.
 
Comment:
The RSI shows downside momentum.
 
Analyst Views Chart
 
 
 
 

 

Nikkei 225 (OSE)‎ (Z2)‎ Intraday: choppy.
 
Pivot:
28030.00
 
Our preference:
Short positions below 28030.00 with targets at 27780.00 & 27690.00 in extension.
 
Alternative scenario:
Above 28030.00 look for further upside with 28100.00 & 28200.00 as targets.
 
Comment:
The RSI is around its neutrality area at 50%
 
Analyst Views Chart
 
 
 
 

 

FTSE 100 (ICE Europe)‎ Intraday: bullish bias above 7291.00.
 
Pivot:
7291.00
 
Our preference:
Long positions above 7291.00 with targets at 7435.00 & 7481.00 in extension.
 
Alternative scenario:
Below 7291.00 look for further downside with 7236.00 & 7188.00 as targets.
 
Comment:
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Analyst Views Chart
 
 
 
 

 

Nasdaq 100 (CME)‎ (Z2)‎ Intraday: key resistance at 11760.00.
 
Pivot:
11760.00
 
Our preference:
Short positions below 11760.00 with targets at 11610.00 & 11550.00 in extension.
 
Alternative scenario:
Above 11760.00 look for further upside with 11840.00 & 11900.00 as targets.
 
Comment:
The RSI is below its neutrality area at 50%
 
Analyst Views Chart
 
 
 
 

 

S&P 500 (CME)‎ (Z2)‎ Intraday: key resistance at 3982.00.
 
Pivot:
3982.00
 
Our preference:
Short positions below 3982.00 with targets at 3943.00 & 3928.00 in extension.
 
Alternative scenario:
Above 3982.00 look for further upside with 4017.00 & 4050.00 as targets.
 
Comment:
As long as 3982.00 is resistance, look for choppy price action with a bearish bias.
 
Analyst Views Chart
 
 
 
 

 

Dax (Eurex)‎ Intraday: consolidation in place.
 
Pivot:
14285.00
 
Our preference:
Long positions above 14285.00 with targets at 14480.00 & 14560.00 in extension.
 
Alternative scenario:
Below 14285.00 look for further downside with 14207.00 & 14140.00 as targets.
 
Comment:
The RSI is mixed and calls for caution.
 
Analyst Views Chart
 
 
 
 

 

Gold Intraday: under pressure.
 
Pivot:
1757.00
 
Our preference:
Short positions below 1757.00 with targets at 1736.00 & 1730.00 in extension.
 
Alternative scenario:
Above 1757.00 look for further upside with 1766.00 & 1772.00 as targets.
 
Comment:
The RSI calls for a drop.
 
Analyst Views Chart
 
 
 
 

 

Crude Oil (WTI)‎ (F3)‎ Intraday: key resistance at 80.50.
 
Pivot:
80.50
 
Our preference:
Short positions below 80.50 with targets at 77.60 & 76.80 in extension.
 
Alternative scenario:
Above 80.50 look for further upside with 81.30 & 82.40 as targets.
 
Comment:
As long as 80.50 is resistance, look for choppy price action with a bearish bias.
 
Analyst Views Chart
 
 

 
 

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