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DAILY MARKET INSIGHT
2 December 2022
DAILY MARKET
INSIGHT
2 December 2022
DAILY MARKET INSIGHT
2 December 2022
Economic Calendar
Time Currency News Impact Expectation
04:30 AM AUD Retail Sales MoM Final OCT Medium -0.2%(actual)
02:00 PM EUR PPI MoM OCT Medium -1.9%
05:30 PM CAD Unemployment Rate NOV High 5.4%
05:30 PM CAD Participation Rate NOV High 64.8%
05:30 PM USD Unemployment Rate NOV High 3.7%
05:30 PM USD Non Farm Payrolls NOV High 210K
DAILY MARKET INSIGHT
2 December 2022
AUD/USD TREND: NEUTRAL
AUD/USD is trading in a range bound manner above 0.6800. The ascending trend line from
the high of 0.7128. A weekly close above 0.6850 would bring more gains in the spot. The
market is still far from overbought structure.
Indicators Daily chart Status
RSI 62 Bullish
STOCHASTIC 87 Bullish
MACD Above midline Bullish
200 EMA 0.6841 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.6800 0.6830 0.6860 0.6770
DAILY MARKET INSIGHT
2 December 2022
NZD/USD TREND: BULLISH
NZD/USD pauses gains near the 0.6400 mark, it retreats toward 0.6350. The USD looks weak
ahead of the U.S NFP data. The greenback is in the backseat driven by dovish remarks from
Fed Chair.
Indicators Daily chart Status
RSI 71 Bullish
STOCHASTIC 93 Bullish
MACD Above midline Bullish
200 EMA 0.6234 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.6380 0.6410 0.6440 0.6350
DAILY MARKET INSIGHT
2 December 2022
EUR/USD TREND: BULLISH
EUR/USD heads toward eight weekly gains. The pair trades in a limited price action waiting
for the next trigger inside the ascending channel. U.S NFP data is due later in the day, an
important reading to dictate the status of U.S economy.
Indicators Daily chart Status
RSI 67 Bullish
STOCHASTIC 95 Bullish
MACD Above midline Bullish
200 EMA 1.0387 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.0510 1.0540 1.0570 1.0480
DAILY MARKET INSIGHT
2 December 2022
GBP/USD TREND: BULLISH
GBP/USD took breather near the highest level marked for the first time since June near
1.2250. After steeping above the 200-day moving average the pair could slow down but the
short-term upside remain intact.
Indicators Daily chart Status
RSI 66 Bullish
STOCHASTIC 88 Bullish
MACD Above midline Bullish
200 EMA 1.2104 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.2210 1.2240 1.2270 1.2180
DAILY MARKET INSIGHT
2 December 2022
USD/JPY TREND: NEUTRAL
USD/JPY fell toward the critical 200-day moving average on the daily chart. The pair remained
side lined falling to the lowest level since mid of August. The Bank of Japan (BoJ) Governor
Haruhiko Kuroda said that the Japan’s inflation is expected to decelerate from 2023, leading
gains in the Yen.
4Indicators Daily chart Status
RSI 26 Bearish
STOCHASTIC 1 Bearish
MACD Below midline Bearish
200 EMA 134.99 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 135.20 134.90 134.60 135.50
DAILY MARKET INSIGHT
2 December 2022
USD/CAD TREND: NEUTRAL
The USD/CAD pair is finding support in the 1.3400-1.3420 zone as the spot picks up bid in
the early morning session. A weaker U.S ISM data led the limited price action. Volatility in oil
prices paused gains in the Canadian dollar.
Indicators Daily chart Status
RSI 49 Bearish
STOCHASTIC 51 Bullish
MACD Below midline Bearish
200 EMA 1.3126 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.3430 1.3460 1.3490 1.3400
DAILY MARKET INSIGHT
2 December 2022
USD/CHF TREND: BEARISH
USD/CHF continues to take support near 0.0400 on the daily chart. Market is still far from
the oversold condition as RSI offers more scope of the downside move. Traders keep eyes
on U.S NFP data.
Indicators Daily chart Status
RSI 35 Bearish
STOCHASTIC 7 Bearish
MACD Below midline Bearish
200 EMA 0.9619 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.9400 0.9370 0.9340 0.9430
DAILY MARKET INSIGHT
2 December 2022
GOLD TREND: NEUTRAL
Gold price tested the vital $1,800 mark in the previous session. The precious metal retreated
from the highs in the early morning session. A weaker USD cushions the downside
momentum.
Indicators Daily chart Status
RSI 67 Bullish
STOCHASTIC 89 Bullish
MACD Above midline Bullish
200 EMA $1,758 Bullish
Outlook Neutral
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell $1,800 $1,790 $1,780 $1,810

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Daily Market Insight-2 December.pdf

  • 1. DAILY MARKET INSIGHT 2 December 2022 DAILY MARKET INSIGHT 2 December 2022
  • 2. DAILY MARKET INSIGHT 2 December 2022 Economic Calendar Time Currency News Impact Expectation 04:30 AM AUD Retail Sales MoM Final OCT Medium -0.2%(actual) 02:00 PM EUR PPI MoM OCT Medium -1.9% 05:30 PM CAD Unemployment Rate NOV High 5.4% 05:30 PM CAD Participation Rate NOV High 64.8% 05:30 PM USD Unemployment Rate NOV High 3.7% 05:30 PM USD Non Farm Payrolls NOV High 210K
  • 3. DAILY MARKET INSIGHT 2 December 2022 AUD/USD TREND: NEUTRAL AUD/USD is trading in a range bound manner above 0.6800. The ascending trend line from the high of 0.7128. A weekly close above 0.6850 would bring more gains in the spot. The market is still far from overbought structure. Indicators Daily chart Status RSI 62 Bullish STOCHASTIC 87 Bullish MACD Above midline Bullish 200 EMA 0.6841 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.6800 0.6830 0.6860 0.6770
  • 4. DAILY MARKET INSIGHT 2 December 2022 NZD/USD TREND: BULLISH NZD/USD pauses gains near the 0.6400 mark, it retreats toward 0.6350. The USD looks weak ahead of the U.S NFP data. The greenback is in the backseat driven by dovish remarks from Fed Chair. Indicators Daily chart Status RSI 71 Bullish STOCHASTIC 93 Bullish MACD Above midline Bullish 200 EMA 0.6234 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.6380 0.6410 0.6440 0.6350
  • 5. DAILY MARKET INSIGHT 2 December 2022 EUR/USD TREND: BULLISH EUR/USD heads toward eight weekly gains. The pair trades in a limited price action waiting for the next trigger inside the ascending channel. U.S NFP data is due later in the day, an important reading to dictate the status of U.S economy. Indicators Daily chart Status RSI 67 Bullish STOCHASTIC 95 Bullish MACD Above midline Bullish 200 EMA 1.0387 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.0510 1.0540 1.0570 1.0480
  • 6. DAILY MARKET INSIGHT 2 December 2022 GBP/USD TREND: BULLISH GBP/USD took breather near the highest level marked for the first time since June near 1.2250. After steeping above the 200-day moving average the pair could slow down but the short-term upside remain intact. Indicators Daily chart Status RSI 66 Bullish STOCHASTIC 88 Bullish MACD Above midline Bullish 200 EMA 1.2104 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.2210 1.2240 1.2270 1.2180
  • 7. DAILY MARKET INSIGHT 2 December 2022 USD/JPY TREND: NEUTRAL USD/JPY fell toward the critical 200-day moving average on the daily chart. The pair remained side lined falling to the lowest level since mid of August. The Bank of Japan (BoJ) Governor Haruhiko Kuroda said that the Japan’s inflation is expected to decelerate from 2023, leading gains in the Yen. 4Indicators Daily chart Status RSI 26 Bearish STOCHASTIC 1 Bearish MACD Below midline Bearish 200 EMA 134.99 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 135.20 134.90 134.60 135.50
  • 8. DAILY MARKET INSIGHT 2 December 2022 USD/CAD TREND: NEUTRAL The USD/CAD pair is finding support in the 1.3400-1.3420 zone as the spot picks up bid in the early morning session. A weaker U.S ISM data led the limited price action. Volatility in oil prices paused gains in the Canadian dollar. Indicators Daily chart Status RSI 49 Bearish STOCHASTIC 51 Bullish MACD Below midline Bearish 200 EMA 1.3126 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.3430 1.3460 1.3490 1.3400
  • 9. DAILY MARKET INSIGHT 2 December 2022 USD/CHF TREND: BEARISH USD/CHF continues to take support near 0.0400 on the daily chart. Market is still far from the oversold condition as RSI offers more scope of the downside move. Traders keep eyes on U.S NFP data. Indicators Daily chart Status RSI 35 Bearish STOCHASTIC 7 Bearish MACD Below midline Bearish 200 EMA 0.9619 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.9400 0.9370 0.9340 0.9430
  • 10. DAILY MARKET INSIGHT 2 December 2022 GOLD TREND: NEUTRAL Gold price tested the vital $1,800 mark in the previous session. The precious metal retreated from the highs in the early morning session. A weaker USD cushions the downside momentum. Indicators Daily chart Status RSI 67 Bullish STOCHASTIC 89 Bullish MACD Above midline Bullish 200 EMA $1,758 Bullish Outlook Neutral Strategy Action Entry Target 1 Target 2 Stop Loss Sell $1,800 $1,790 $1,780 $1,810