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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 23, 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/JPY  

NZD/USD  

Nikkei 225 (OSE)  

Cac 40 (Euronext)  

Nasdaq 100 (CME)  

S&P 500 (CME)  

Dax (Eurex)  

Cac 40 (Euronext)  

Gold  

Crude Oil (WTI)  

 
 
  Market Wrap: Stocks, Bonds, Commodities  
 
 
On Tuesday, the S&P 500 regained the key level of 4,000 as it climbed 53 points (+1.36%) to 4003, its highest level in 2-1/2 months. The Dow Jones Industrial Average rose 397 points (+1.18%) to 34,098, and the Nasdaq 100 gained 171 points (+1.48%) to 11,724.

While investors awaited Wednesday’s release of minutes of the Federal Reserve’s November meeting, the U.S. 10-year Treasury yield retreated 6.7 basis points to 3.760%.

Semiconductors (+3.34%), energy (+3.18%), and consumer durables & apparel (+2.26%) sectors were market leaders.

Best Buy (BBY) surged 12.78%, as the consumer electronics retailer raised its full-year comparable sales guidance.

Agilent Technologies (A) jumped 8.07%, after the life science company posted better-than-expected quarterly earnings and raised its full-year earnings guidance.

Dell Technologies (DELL) climbed 6.77% and Urban Outfitters (URBN) advanced 8.89%, as both companies’ quarterly results exceeded expectations.

On the other hand, Dollar Tree (DLTR) plunged 7.79% after the discount store chain said it now expects full-year earnings at the lower end of its target range.

Zoom Video Communications (ZM) fell 3.87%, and Medtronic (MDT) dropped 5.30%, as both companies gave down-beat business outlook.

Regarding U.S. economic data, the Richmond Fed manufacturing index posted at -9 for November (vs +5 expected).

European stocks also closed higher. The DAX 40 rose 0.29%, the CAC 40 gained 0.35%, and the FTSE 100 was up 1.03%.

Oil prices were boosted by Saudi Arabia saying that OPEC+ was sticking with output cuts. U.S. WTI crude futures gained $1.10 to $81.14 a barrel.

Gold price added $2 to $1,740 an ounce.

 
 
  Market Wrap: Forex  
 
 
The U.S. dollar index softened against other major currencies. The dollar index fell back to 107.16.

EUR/USD rose 60 pips to 1.0302. The Eurozone’s official consumer confidence index posted at -23.9 for November (vs -26.8 expected).

USD/JPY dropped 96 pips to 141.18.

GBP/USD gained 66 pips to 1.1889.

AUD/USD increased 41 pips to 0.6646. This morning, the S&P Global Australia manufacturing purchasing managers index fell to 51.5 in November.

NZD/USD rebounded 53 pips to 0.6153. Later today, New Zealand’s central bank is expected to raise its key interest rate by 75 basis points to 4.25%.

USD/CHF slid 65 pips to 0.9520.

USD/CAD declined 77 pips to 1.3371. Canada’s retail sales declined 0.5% on month in September (as expected).

Bitcoin rebounded 3% to $16,100.

 
 
  Morning Trading  
 
 
In Asian trading hours, NZD/USD traded higher to 0.6178. New Zealand’s central bank increased its key interest rate by a record 75 basis points to 4.25%, and signaled further tightening going forward.

EUR/USD traded higher to 1.0317, GBP/USD was stable at 1.1884, and AUD/USD was little changed at 0.6644.

USD/JPY edged higher to 141.32.

Gold price was flat at $1,740 an ounce.

Bitcoin advanced a further 1% to $16,450.

 
 
  Expected Today  
 
 
November S&P Global manufacturing purchasing managers index will be announced for the Eurozone (45.7 expected), Germany (45.4 expected), France (46.8 expected), the U.K. (45.6 expected) and the U.S. (50.1 expected).

In the U.S., durable goods orders are expected to grew 0.3% on month in October. The latest number of initial jobless claims is expected to rise to 228,000.

The number of U.S. new home sales is expected to fall to an annualized rate of 580,000 units in October.

U.S. crude-oil stockpiles are expected to decline 1.055 million barrels last week.

 
 
  Indices  
 
 
Last Close %1D %YTD
 
Dax
14,422.35
+0.29%
-9.20%
 
 
FTSE 100
7,452.84
+1.03%
+0.90%
 
 
S&P 500
4,003.58
+1.36%
-16.00%
 
 
Dow Jones
34,098.10
+1.18%
-6.16%
 
 
Nasdaq 100
11,724.84
+1.48%
-28.20%
 
 
Nikkei 225
28,115.74
+0.61%
-2.30%
 
 

     
  Today’s Economic Events  
 
  Economic Calendar    
 
Time Event Forecast Importance
 
09:15
FR
S&P Global Services PMI Flash (Nov)
51.4
Medium
 
 
09:15
FR
S&P Global Manufacturing PMI Flash (Nov)
46.8
Medium
 
 
09:30
DE
S&P Global Services PMI Flash (Nov)
46.4
Medium
 
 
09:30
DE
S&P Global Manufacturing PMI Flash (Nov)
45.4
Medium
 
 
10:00
EA
S&P Global Services PMI Flash (Nov)
47.8
Medium
 
 
10:00
EA
S&P Global Manufacturing PMI Flash (Nov)
45.7
Medium
 
 
10:30
GB
S&P Global/CIPS Manufacturing PMI Flash (Nov)
45.6
Medium
 
 
10:30
GB
S&P Global/CIPS UK Services PMI Flash (Nov)
47.6
Medium
 
 
14:00
US
Building Permits Final (Oct)
1.526M
Medium
 
 
14:30
US
Durable Goods Orders MoM (Oct)
0.3%
High
 
 
14:30
US
Initial Jobless Claims (19/Nov)
228k
Medium
 
 
14:30
US
Durable Goods Orders Ex Transp MoM (Oct)
0.1%
Medium
 
 
15:45
US
S&P Global Manufacturing PMI Flash (Nov)
50.1
Medium
 
 
15:45
US
S&P Global Services PMI Flash (Nov)
49.3
Medium
 
 
15:45
US
S&P Global Composite PMI Flash (Nov)
49.5
Medium
 
 
16:00
US
New Home Sales (Oct)
580k
High
 
 
16:00
US
Michigan Consumer Sentiment Final (Nov)
54.7
Medium
 
 
16:30
US
EIA Gasoline Stocks Change (18/Nov)
383k
Medium
 
 
16:30
US
EIA Crude Oil Stocks Change (18/Nov)
-1.055M
Medium
 
 

     
  The Analyst Views  
 

 

EUR/USD Intraday: further advance.
 
Pivot:
1.0285
 
Our preference:
Long positions above 1.0285 with targets at 1.0350 & 1.0385 in extension.
 
Alternative scenario:
Below 1.0285 look for further downside with 1.0260 & 1.0245 as targets.
 
Comment:
The RSI is bullish and calls for further advance.
 
Analyst Views Chart
 
 
 
 

 

GBP/USD Intraday: the upside prevails.
 
Pivot:
1.1860
 
Our preference:
Long positions above 1.1860 with targets at 1.1910 & 1.1930 in extension.
 
Alternative scenario:
Below 1.1860 look for further downside with 1.1840 & 1.1825 as targets.
 
Comment:
The RSI shows upside momentum.
 
Analyst Views Chart
 
 
 
 

 

USD/JPY Intraday: under pressure.
 
Pivot:
141.55
 
Our preference:
Short positions below 141.55 with targets at 140.90 & 140.70 in extension.
 
Alternative scenario:
Above 141.55 look for further upside with 141.80 & 142.00 as targets.
 
Comment:
The RSI is mixed to bearish.
 
Analyst Views Chart
 
 
 
 

 

EUR/JPY intraday: the upside prevails as long as 145.25 is support
 
Our pivot point stands at 145.25.
 
Our preference:
The upside prevails as long as 145.25 is support.
 
Alternative scenario:
The downside breakout of 145.25 would call for 144.56 and 144.15.
 
Comment:
The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 145.57 and 145.40).
 
Analyst Views Chart
 
 
 
 

 

NZD/USD intraday: the upside prevails as long as 0.6122 is support
 
Our pivot point is at 0.6122.
 
Our preference:
The upside prevails as long as 0.6122 is support.
 
Alternative scenario:
Below 0.6122, expect 0.6082 and 0.6057.
 
Comment:
The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 0.6156 and 0.6145).
 
Analyst Views Chart
 
 
 
 

 

Nikkei 225 (OSE)‎ (Z2)‎ Intraday: towards 28610.00.
 
Pivot:
28200.00
 
Our preference:
Long positions above 28200.00 with targets at 28490.00 & 28610.00 in extension.
 
Alternative scenario:
Below 28200.00 look for further downside with 28040.00 & 27970.00 as targets.
 
Comment:
The RSI is bullish and calls for further advance.
 
Analyst Views Chart
 
 
 
 

 

Cac 40 (Euronext)‎ (Z2)‎ Intraday: the bias remains bullish.
 
Pivot:
6623.00
 
Our preference:
Long positions above 6623.00 with targets at 6708.00 & 6742.00 in extension.
 
Alternative scenario:
Below 6623.00 look for further downside with 6590.00 & 6567.00 as targets.
 
Comment:
The RSI is bullish and calls for further advance.
 
Analyst Views Chart
 
 
 
 

 

Nasdaq 100 (CME)‎ (Z2)‎ Intraday: intraday support around 11630.00.
 
Pivot:
11630.00
 
Our preference:
Long positions above 11630.00 with targets at 11840.00 & 11890.00 in extension.
 
Alternative scenario:
Below 11630.00 look for further downside with 11580.00 & 11530.00 as targets.
 
Comment:
The next resistances are at 11840.00 and then at 11890.00.
 
Analyst Views Chart
 
 
 
 

 

S&P 500 (CME)‎ (Z2)‎ Intraday: expect 4042.00.
 
Pivot:
3990.00
 
Our preference:
Long positions above 3990.00 with targets at 4027.00 & 4042.00 in extension.
 
Alternative scenario:
Below 3990.00 look for further downside with 3971.00 & 3942.00 as targets.
 
Comment:
The RSI is bullish and calls for further advance.
 
Analyst Views Chart
 
 
 
 

 

Dax (Eurex)‎ Intraday: bullish bias above 14340.00.
 
Pivot:
14340.00
 
Our preference:
Long positions above 14340.00 with targets at 14540.00 & 14610.00 in extension.
 
Alternative scenario:
Below 14340.00 look for further downside with 14282.00 & 14220.00 as targets.
 
Comment:
Investors have to remain cautious since these levels may trigger profit taking.
 
Analyst Views Chart
 
 
 
 

 

Gold Intraday: turning up.
 
Pivot:
1732.00
 
Our preference:
Long positions above 1732.00 with targets at 1749.00 & 1758.00 in extension.
 
Alternative scenario:
Below 1732.00 look for further downside with 1725.00 & 1719.00 as targets.
 
Comment:
The RSI calls for a rebound.
 
Analyst Views Chart
 
 
 
 

 

Crude Oil (WTI)‎ (F3)‎ Intraday: intraday support around 80.50.
 
Pivot:
80.50
 
Our preference:
Long positions above 80.50 with targets at 81.70 & 82.40 in extension.
 
Alternative scenario:
Below 80.50 look for further downside with 79.70 & 78.40 as targets.
 
Comment:
The RSI is mixed and calls for caution.
 
Analyst Views Chart
 
 

 
 

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