The daily reports for important events that affects the forex, stocks and commodities markets.

28/11/2022 Daily Reports

Support Level: 1.0300 - 1.0200 - 1.0100 Resistance Level: 1.0480 - 1.0600- 1.0700

EUR/USD

  • EUR/USD remained close to the 1.0400 area. For the week, the Euro was higher by 0.5% against the US Dollar that remains near multi-month lows on the prospects of the Federal Reserve moderating the pace of its policy tightening.
  • S&P500 futures are flat while the US Treasury yields are facing immense pressure. The yields on long-term US Treasury bonds have slipped below 3.66% as odds are pointing for a less-hawkish stance in December monetary policy meeting by the Federal Reserve (Fed) chair Jerome Powell.
  • Investors are punishing the US Dollar as Fed policymakers have vouched for a slowdown in the interest rate hike. Fed policymakers believe that headline United States Consumer Price Index (CPI) has displayed signs of severe exhaustion, therefore, it would be optimal to go on a light note on policy rates. However, the core CPI that excludes oil and food prices has not shown a significant drop.
  • The EUR/USD pair is trading near the 1.0390, unchanged for the day with bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0480, break above this level will extend the advance to 1.0600.
  • Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midline and stabilized around 63. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 1.0300 and below this level will open the gate to 1.0200.

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    Support Level: 1.2020 - 1.1900 - 1.1760 Resistance Level: 1.2150 - 1.2300 - 1.2400

    GBP/USD

    • The GBP/USD hovers below 1.2100 amid a subdued trading session on low volume conditions spurred by the US Thanksgiving holiday, Broad US Dollar strength spurred by a risk-off impulse caused a retracement on the GBP/USD. At the time of writing, the GBP/USD is trading at 1.2079, registering a minuscule loss of 0.27%.
    • As investors digest Wednesday’s dovish FOMC meeting minutes, the US Dollar attracts some buyers on the last day of the week and acts as a headwind for the GBP/USD pair. A modest uptick in the US Treasury bond yields turns out to be a key factor prompting some short-covering around the buck amid relatively thin trading conditions. Apart from this, the attempted USD recovery lacks any obvious fundamental catalyst and runs the risk of fizzling out rather quickly.
    • Investors seem convinced that the Federal Reserve will slow the pace of its policy tightening and have now fully priced in a relatively smaller 50 bps rate hike at the December meeting. This is likely to act as a headwind for the US bond yields. apart from this, a generally positive risk tone might further contribute to capping the upside for the safe-haven Greenback. This, in turn, should lend some support to the GBP/USD pair and help limit deeper losses.
    • The GBP/USD offers bullish stance in daily chart. Cable still stabilized above all main SMAs, indicating bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, suggests bulls not exhausted yet. On upside, The immediate resistance is 1.2150 with a break above it exposing to 1.2300.
    • Technical readings in the daily chart support the bullish stances. RSI indicator stabilized around 65, while the Momentum indicator stabilized above the midline, suggesting upward potentials. On downside, the immediate support is 1.2020, unable to defend this level will resume the decline to 1.1900.

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    Support Level: 1730 - 1700- 1680 Resistance Level: 1787 - 1800 - 1810

    XAU/USD

    • Gold price retreats from a fresh weekly high touched earlier this Friday and remain on the defensive through the mid-European session. The XAU/USD is currently placed just above the $1,750 level and for now, seems to have snapped a three-day winning streak.
    • The US Dollar attracts some buying amid a modest uptick in the US Treasury bond yields, which, in turn, is seen as a key factor acting as a headwind for the Dollar-denominated Gold price. Apart from this, a generally positive tone around the equity markets seems to dent demand for the safe-haven XAU/USD. That said, firming expectations for a less aggressive policy tightening by the Federal Reserve keeps a lid on any meaningful gains for the USD and helps limit the downside for the non-yielding yellow metal.
    • In fact, the November Federal Open Market Committee (FOMC) meeting minutes released on Wednesday showed that officials were largely satisfied they could stop front-loading the rate increases. The dovish signal validated the peak inflation narrative and reaffirmed bets for a relatively smaller 50 bps rate hike at the next FOMC policy meeting in December. This, in turn, dragged the yield on the benchmark 10-year US government bond to its lowest level since early October, which, in turn, should cap the US Dollar.
    • Gold price stabilized around 1756, unchanged for the day and bullish in the daily chart. The gold price still stabilized above 20 and 50 SMA, suggesting bullish strength. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, indicating bulls not exhausted yet. On upside, the immediate resistance is 1787, break above this level will open the gate to extend the advance to 1800 area.
    • From a technical perspective, the RSI indicator hold above the midline and stabilized around 61, suggesting bullish strength. The Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 1730, below this area may resume the decline to 1700.

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    Support Level: 137.60 - 136.00 - 135.00 Resistance Level: 140.00 - 141.00 - 141.60

    USD/JPY

    • The rally of USD/JPY was capped by the 139.50/60 area. Near the end of the week, the pair holds firm above 139.00 supported by rising sovereign bond yields as Wall Street posts gains.
    • The Japanese yen fell across the board on Friday, weakened by rising bond yields. The US 10-year bond yield rose to 3.75%, a two-day high while the German 10-year climbed to 1.98%. In Wall Street, the Dow Jones was up by 0.46% and the Nasdaq was falling by 0.29% on a shortened session.
    • The US Dollar Index was up 0.55% on Friday, but still headed toward the lowest weekly close since mid-August affected by the less hawkish FOMC minutes. Next week, attention will be on the Non-farm payrolls report due on Friday.
    • The USD/JPY pair stabilized around 139.20, up for the day and bearish in the daily chart. The price still maintains the downward slope and develops below all main SMAs, suggests bearish strength in short term. Meanwhile, 20 SMA continued accelerating south and heading towards longer ones, indicating bears not exhausted.  On upside, overcome 140.00 may encourage bulls to challenge 141.00, break above that level will open the gate to 141.60.
    • Technical indicators suggest the bearish strength. RSI stabilized around 37, while the Momentum indicator continued developing below the midline, suggests downward potentials. On downside, the immediate support is 137.60, break below this level will open the gate to 136.00 area.

    Support Level: 34000 - 33800 - 33580 Resistance Level: 34400 - 34600 - 34800

    DJI

    • DJI advanced modestly due to US holiday, trades between 34200 to 34390 range and ends Friday at around 34350, up for the day and bullish in the hourly chart. The price stabilized above all main SMAs, suggests bullish strength. Meanwhile, 20 SMA continued accelerating north and developing above longer ones, suggests bulls not exhausted yet. On upside, overcome 34400 may encourage bulls to challenge 34600, break above this level will open the gate to 34800.
    • Technical indicators suggest the bullish strength. RSI stabilized around 62, while the Momentum indicator stabilized above the midline, suggests upward potentials. On downside, the immediate support is 34000, break below this level will open the gate for more decline to 33800 area.

    Support Level: 82.40 -81.00 - 80.00 Resistance Level: 87.00 - 88.00 - 90.00

    BRENT

    • Brent consolidated in the familiar range due to US holiday, retreated from intraday high 87.00 area to intraday low 83.65. It recovered modestly and ended Friday at around 84.00, down for the day and bearish in the hourly chart. The price stabilized below all main SMAs, suggests bearish strength in short term. Meanwhile, the 20 SMA continued developing below 50 and 200 SMA despite it started turning flat, indicating bearish bias. On upside, overcome 87.00 may encourage bulls to challenge 88.00, break above this level will open the gate to 90.00.
    • Technical indicators suggest the bearish movement, hovering below the midline. RSI stabilized at around 29, while the Momentum indicator stabilized below the midline, suggests downward potentials. On downside, the immediate support is 82.40, break below this level will open the gate for more decline to 81.00 area.

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