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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 22, 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  

AUD/USD  

USD/CAD  

SGX FTSE China A50  

Cac 40 (Euronext)  

S&P 500 (CME)  

S&P 500 (CME)  

Dax (Eurex)  

FTSE MIB (Borsa Italiana)  

Gold  

Crude Oil (WTI)  

 
 
  Market Wrap: Stocks, Bonds, Commodities  
 
 
On Monday, U.S. stocks retreated. The Dow Jones Industrial Average fell 45 points (-0.13%) to 33,700, the S&P 500 dropped 15 points (-0.39%) to 3,949, and the Nasdaq 100 was down 123 points (-1.06%) to 11,553.

Market sentiment was dampened by fears that China might reinstate some of the Covid-19 restrictions as infections in Beijing increased.

Meanwhile, investors await the release on Wednesday of minutes of the Federal Reserve’s November meeting.

Food, beverage & tobacco (+1.48%), real estate (+0.72%), and insurance (+0.61%) sectors were the top performers, automobiles (-5.38%), technology hardware & equipment (-1.83%), and energy (-1.39%) sectors were laggards.

Casino and travel stocks were impacted by the Covid situation in China. Wynn Resorts (WYNN) fell 2.18%, Las Vegas Sands (LVS) dropped 2.87%, MGM Resorts International (MGM) declined 2.67%, American Airlines (AAL) slipped 1.42%, and Norwegian Cruise Line (NCLH) was down 1.53%.

Tesla (TSLA) sank 6.84% as the electric-vehicle maker has to recall 300,000 vehicles due to faulty taillights.

Carvana (CVNA) plunged 12.53%, as Moody’s lowered its rating outlook on the used-car platform to “negative” from “stable”.

DraftKings (DKNG) lost 5.05% on reports that the sports betting company saw multiple unauthorized money withdrawals from customer accounts.

On the other hand, Walt Disney (DIS) rose 6.30% after the company announced that Bob Iger returned to the company as CEO.

Regarding U.S. economic data, the Chicago Fed National Activity Index fell to -0.05 in October (vs +0.1 expected).

The U.S. 10-year Treasury yield edged higher to 3.831%.

European stocks lacked upward momentum. The DAX 40 fell 0.36%, the CAC 40 declined 0.15% and the FTSE 100 was down 0.12%.

Oil prices once dropped over 5% after the Wall Street Journal reported that Saudi Arabia and other OPEC oil producers were discussing an output increase, but later rebounded when Saudi Arabia denied such a report. U.S. WTI crude futures settled little changed at $80.27 a barrel.

Gold price slid $11 to $1,739 an ounce.

 
 
  Market Wrap: Forex  
 
 
The U.S. dollar kept strengthening against other major currencies, as the latest Covid-19 situation in China encouraged buying of the safe-haven currency. The dollar index charged higher to 107.84.

USD/JPY jumped 172 pips (+1.23%) to 142.09.

EUR/USD dropped 87 pips to 1.0238.

GBP/USD declined 71 pips to 1.1819.

AUD/USD fell 70 pips to 0.6603.

USD/CHF increased 45 pips to 0.9592, and USD/CAD gained 80 pips to 1.3454.

Bitcoin traded lower to $15,763.

 
 
  Morning Trading  
 
 
In Asian trading hours, the U.S. dollar traded slightly lower, as USD/JPY declined to 141.72.

EUR/USD traded higher to 1.0262, GBP/USD rebounded to 1.1855, and AUD/USD climbed back to 0.6620,

Gold price rose back to $1,743 an ounce.

Bitcoin rebounded to $15,833.

 
 
  Expected Today  
 
 
The Eurozone’s official consumer confidence index is expected to decline to -26.8 in November.

In the U.S., the Richmond Fed manufacturing index is expected to rise to 5 in November.

Canada’s retail sales are expected to decline 0.5% on month in September.

 
 
  Indices  
 
 
Last Close %1D %YTD
 
Dax
14,379.93
-0.36%
-9.50%
 
 
FTSE 100
7,376.85
-0.12%
-0.10%
 
 
S&P 500
3,949.94
-0.39%
-17.13%
 
 
Dow Jones
33,700.28
-0.13%
-7.26%
 
 
Nasdaq 100
11,553.45
-1.06%
-29.20%
 
 
Nikkei 225
28,150.50
+0.74%
-2.20%
 
 

     
  Today’s Economic Events  
 
  Economic Calendar    
 
Time Event Forecast Importance
 
11:00
FR
OECD Economic Outlook
Medium
 
 
14:30
CA
Retail Sales Ex Autos MoM (Sep)
-0.4%
Medium
 
 
14:30
CA
Retail Sales MoM (Sep)
-0.5%
Medium
 
 
16:00
EA
Consumer Confidence Flash (Nov)
-26.8
Medium
 
 
17:00
US
Fed Mester Speech
Medium
 
 
18:00
CA
BoC Gov Rogers Speech
Medium
 
 
20:15
US
Fed George Speech
Medium
 
 
20:45
US
Fed Bullard Speech
Medium
 
 
22:30
US
API Crude Oil Stock Change (18/Nov)
Medium
 
 

     
  The Analyst Views  
 

 

EUR/USD Intraday: the upside prevails.
 
Pivot:
1.0235
 
Our preference:
Long positions above 1.0235 with targets at 1.0280 & 1.0305 in extension.
 
Alternative scenario:
Below 1.0235 look for further downside with 1.0220 & 1.0200 as targets.
 
Comment:
The RSI is mixed to bullish.
 
Analyst Views Chart
 
 
 
 

 

GBP/USD Intraday: the upside prevails.
 
Pivot:
1.1815
 
Our preference:
Long positions above 1.1815 with targets at 1.1870 & 1.1900 in extension.
 
Alternative scenario:
Below 1.1815 look for further downside with 1.1795 & 1.1775 as targets.
 
Comment:
The RSI is mixed to bullish.
 
Analyst Views Chart
 
 
 
 

 

USD/JPY Intraday: the upside prevails.
 
Pivot:
141.40
 
Our preference:
Long positions above 141.40 with targets at 142.30 & 142.60 in extension.
 
Alternative scenario:
Below 141.40 look for further downside with 141.10 & 140.80 as targets.
 
Comment:
The RSI is mixed to bullish.
 
Analyst Views Chart
 
 
 
 

 

AUD/USD Intraday: the upside prevails.
 
Pivot:
0.6595
 
Our preference:
Long positions above 0.6595 with targets at 0.6630 & 0.6650 in extension.
 
Alternative scenario:
Below 0.6595 look for further downside with 0.6580 & 0.6565 as targets.
 
Comment:
The RSI is mixed to bullish.
 
Analyst Views Chart
 
 
 
 

 

USD/CAD Intraday: under pressure.
 
Pivot:
1.3455
 
Our preference:
Short positions below 1.3455 with targets at 1.3400 & 1.3380 in extension.
 
Alternative scenario:
Above 1.3455 look for further upside with 1.3475 & 1.3495 as targets.
 
Comment:
The RSI shows downside momentum.
 
Analyst Views Chart
 
 
 
 

 

SGX FTSE China A50 Intraday: bullish bias above 12100.00.
 
Pivot:
12100.00
 
Our preference:
Long positions above 12100.00 with targets at 12410.00 & 12500.00 in extension.
 
Alternative scenario:
Below 12100.00 look for further downside with 11970.00 & 11900.00 as targets.
 
Comment:
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Analyst Views Chart
 
 
 
 

 

Cac 40 (Euronext)‎ (Z2)‎ Intraday: consolidation in place.
 
Pivot:
6585.00
 
Our preference:
Long positions above 6585.00 with targets at 6670.00 & 6700.00 in extension.
 
Alternative scenario:
Below 6585.00 look for further downside with 6544.00 & 6520.00 as targets.
 
Comment:
The RSI lacks momentum.
 
Analyst Views Chart
 
 
 
 

 

S&P 500 (CME)‎ (Z2)‎ Intraday: bounce.
 
Pivot:
3942.00
 
Our preference:
Long positions above 3942.00 with targets at 3982.00 & 3995.00 in extension.
 
Alternative scenario:
Below 3942.00 look for further downside with 3928.00 & 3912.00 as targets.
 
Comment:
Intraday technical indicators are mixed.
 
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.
 
Analyst Views Chart
 
 
 
 

 

FTSE MIB (Borsa Italiana)‎ (Z2)‎ Intraday: consolidation in place.
 
Pivot:
24270.00
 
Our preference:
Long positions above 24270.00 with targets at 24660.00 & 24790.00 in extension.
 
Alternative scenario:
Below 24270.00 look for further downside with 24160.00 & 24050.00 as targets.
 
Comment:
The RSI lacks momentum.
 
Analyst Views Chart
 
 
 
 

 

Gold Intraday: turning up.
 
Pivot:
1737.00
 
Our preference:
Long positions above 1737.00 with targets at 1753.00 & 1760.00 in extension.
 
Alternative scenario:
Below 1737.00 look for further downside with 1731.00 & 1725.00 as targets.
 
Comment:
The RSI calls for a bounce.
 
Analyst Views Chart
 
 
 
 

 

Crude Oil (WTI)‎ (F3)‎ Intraday: expect 82.40.
 
Pivot:
78.70
 
Our preference:
Long positions above 78.70 with targets at 81.20 & 82.40 in extension.
 
Alternative scenario:
Below 78.70 look for further downside with 77.60 & 75.20 as targets.
 
Comment:
The RSI is bullish and calls for further upside.
 
Analyst Views Chart
 
 

 
 

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