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DAILY MARKET INSIGHT
24 November 2022
DAILY MARKET
INSIGHT
24 November 2022
DAILY MARKET INSIGHT
24 November 2022
Economic Calendar
Time Currency News Impact Expectation
04:30 AM JPY Jibun Bank Services PMI
Flash NOV
Medium 53
03:00 PM GBP CBI Industrial Trends
Orders NOV
Medium -8
04:30 PM EUR ECB Monetary Policy Meeting
Accounts
Medium -
01:30 PM GBP S&P Global/CIPS UK Services
PMI Flash NOV
Medium 47.6
05:45 PM GBP BoE L Mann Speech High -
05:45 PM AUD RBA Payments System Board
Meeting
High -
DAILY MARKET INSIGHT
24 November 2022
AUD/USD TREND: NEUTRAL
AUD/USD advances on Thursday meeting the resistance near 0.6760-0.6780 horizontal
resistance zone. The Australian dollar picks up the momentum largely due to U.S dollar frailty.
The FOMC minutes revealed that some board members are willing to step back from the
higher rate hike further.
Indicators Daily chart Status
RSI 62 Bullish
STOCHASTIC 89 Bullish
MACD Above midline Bullish
200 EMA 0.6845 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.6760 0.6790 0.6820 0.6730
DAILY MARKET INSIGHT
24 November 2022
NZD/USD TREND: BULLISH
NZD/USD extends the gains inspired by RBNZ jumbo rate hike for the third consecutive day.
A risk on mood cheers the market mood and aided the gains in risk sensitive currencies. The
pair breached the 200-day moving average and aspires for more gains.
Indicators Daily chart Status
RSI 70 Bullish
STOCHASTIC 99 Bullish
MACD Above midline Bullish
200 EMA 0.6231 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.6240 0.6270 0.6300 0.6210
DAILY MARKET INSIGHT
24 November 2022
EUR/USD TREND: BULLISH
EUR/USD trades higher for the third straight day breaching the 1.1400 mark since
November 15. An across the broad selling in the Greenback led the gains in the pair.
Traders keep an eye on the ECB speech and policy accounts due later.
Indicators Daily chart Status
RSI 66 Bullish
STOCHASTIC 92 Bullish
MACD Above midline Bullish
200 EMA 1.0385 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.0420 1.0450 1.0480 1.0390
DAILY MARKET INSIGHT
24 November 2022
GBP/USD TREND: NEUTRAL
GBP/USD just a tad below the 200-day moving average on the daily chart. The Pound bulls
cheers broad USD weakness to refresh multi-week high. A weaker U.S data and a less
aggressive tone emitting from FOMC minutes sparked the momentum in the pair.
Indicators Daily chart Status
RSI 66 Bullish
STOCHASTIC 98 Bullish
MACD Above midline Bullish
200 EMA 1.2102 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.2100 1.2130 1.2160 1.2070
DAILY MARKET INSIGHT
24 November 2022
USD/JPY TREND: NEUTRAL
As the U.S dollar under bearish dominance, the USD/JPY tested the low of 138.62 on
Thursday. U.S Treasury yields are softer across the curve putting pressure on the demand of
the USD. We expect the pair to hold negative bias for the upcoming sessions.
4Indicators Daily chart Status
RSI 34 Bearish
STOCHASTIC 11 Bearish
MACD Below midline Bearish
200 EMA 134.90 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 138.90 138.60 138.30 139.20
DAILY MARKET INSIGHT
24 November 2022
USD/CAD TREND: NEUTRAL
The Canadian dollar still remains weak against the USD despite a less hawkish feed from the
FOMC minutes yesterday. The pair hovers in a very tight range after falling below the 1.3400
mark. A weaker oil due to risk in demand from China exerts pressure on commodity-linked
currency.
Indicators Daily chart Status
RSI 42 Bearish
STOCHASTIC 30 Bearish
MACD Below midline Bearish
200 EMA 1.3110 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.3350 1.3320 1.3180 1.3380
DAILY MARKET INSIGHT
24 November 2022
USD/CHF TREND: BEARISH
USD/CHF extends the fall for the third straight session on Thursday. The formation of ‘three
black crows’, a bearish technical formation open the gates for sub 0.9300 levels in the near
future. Less-hawkish signals from FOMC minutes triggered a sell-off in the Greenback.
Indicators Daily chart Status
RSI 31 Bearish
STOCHASTIC 5 Bearish
MACD Below midline Bearish
200 EMA 0.9628 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.9395 0.9365 0.9335 0.9425
DAILY MARKET INSIGHT
24 November 2022
GOLD TREND: NEUTRAL
Gold prices hit fresh daily high above $1,750, reaching the critical 200-day EMA. The negative
sentiment around the U.S dollar followed by the FOMC minutes lent optimism to bulls. As per
the U.S policymakers the balance of economic risks is now skewed to the downside.
Indicators Daily chart Status
RSI 61 Bullish
STOCHASTIC 74 Bullish
MACD Above midline Bullish
200 EMA $1,758 Neutral
Outlook Neutral
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy $1,745 $1,755 $1,765 $1,735

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Daily Market Insight-24 November.pdf

  • 1. DAILY MARKET INSIGHT 24 November 2022 DAILY MARKET INSIGHT 24 November 2022
  • 2. DAILY MARKET INSIGHT 24 November 2022 Economic Calendar Time Currency News Impact Expectation 04:30 AM JPY Jibun Bank Services PMI Flash NOV Medium 53 03:00 PM GBP CBI Industrial Trends Orders NOV Medium -8 04:30 PM EUR ECB Monetary Policy Meeting Accounts Medium - 01:30 PM GBP S&P Global/CIPS UK Services PMI Flash NOV Medium 47.6 05:45 PM GBP BoE L Mann Speech High - 05:45 PM AUD RBA Payments System Board Meeting High -
  • 3. DAILY MARKET INSIGHT 24 November 2022 AUD/USD TREND: NEUTRAL AUD/USD advances on Thursday meeting the resistance near 0.6760-0.6780 horizontal resistance zone. The Australian dollar picks up the momentum largely due to U.S dollar frailty. The FOMC minutes revealed that some board members are willing to step back from the higher rate hike further. Indicators Daily chart Status RSI 62 Bullish STOCHASTIC 89 Bullish MACD Above midline Bullish 200 EMA 0.6845 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.6760 0.6790 0.6820 0.6730
  • 4. DAILY MARKET INSIGHT 24 November 2022 NZD/USD TREND: BULLISH NZD/USD extends the gains inspired by RBNZ jumbo rate hike for the third consecutive day. A risk on mood cheers the market mood and aided the gains in risk sensitive currencies. The pair breached the 200-day moving average and aspires for more gains. Indicators Daily chart Status RSI 70 Bullish STOCHASTIC 99 Bullish MACD Above midline Bullish 200 EMA 0.6231 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.6240 0.6270 0.6300 0.6210
  • 5. DAILY MARKET INSIGHT 24 November 2022 EUR/USD TREND: BULLISH EUR/USD trades higher for the third straight day breaching the 1.1400 mark since November 15. An across the broad selling in the Greenback led the gains in the pair. Traders keep an eye on the ECB speech and policy accounts due later. Indicators Daily chart Status RSI 66 Bullish STOCHASTIC 92 Bullish MACD Above midline Bullish 200 EMA 1.0385 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.0420 1.0450 1.0480 1.0390
  • 6. DAILY MARKET INSIGHT 24 November 2022 GBP/USD TREND: NEUTRAL GBP/USD just a tad below the 200-day moving average on the daily chart. The Pound bulls cheers broad USD weakness to refresh multi-week high. A weaker U.S data and a less aggressive tone emitting from FOMC minutes sparked the momentum in the pair. Indicators Daily chart Status RSI 66 Bullish STOCHASTIC 98 Bullish MACD Above midline Bullish 200 EMA 1.2102 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.2100 1.2130 1.2160 1.2070
  • 7. DAILY MARKET INSIGHT 24 November 2022 USD/JPY TREND: NEUTRAL As the U.S dollar under bearish dominance, the USD/JPY tested the low of 138.62 on Thursday. U.S Treasury yields are softer across the curve putting pressure on the demand of the USD. We expect the pair to hold negative bias for the upcoming sessions. 4Indicators Daily chart Status RSI 34 Bearish STOCHASTIC 11 Bearish MACD Below midline Bearish 200 EMA 134.90 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 138.90 138.60 138.30 139.20
  • 8. DAILY MARKET INSIGHT 24 November 2022 USD/CAD TREND: NEUTRAL The Canadian dollar still remains weak against the USD despite a less hawkish feed from the FOMC minutes yesterday. The pair hovers in a very tight range after falling below the 1.3400 mark. A weaker oil due to risk in demand from China exerts pressure on commodity-linked currency. Indicators Daily chart Status RSI 42 Bearish STOCHASTIC 30 Bearish MACD Below midline Bearish 200 EMA 1.3110 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.3350 1.3320 1.3180 1.3380
  • 9. DAILY MARKET INSIGHT 24 November 2022 USD/CHF TREND: BEARISH USD/CHF extends the fall for the third straight session on Thursday. The formation of ‘three black crows’, a bearish technical formation open the gates for sub 0.9300 levels in the near future. Less-hawkish signals from FOMC minutes triggered a sell-off in the Greenback. Indicators Daily chart Status RSI 31 Bearish STOCHASTIC 5 Bearish MACD Below midline Bearish 200 EMA 0.9628 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.9395 0.9365 0.9335 0.9425
  • 10. DAILY MARKET INSIGHT 24 November 2022 GOLD TREND: NEUTRAL Gold prices hit fresh daily high above $1,750, reaching the critical 200-day EMA. The negative sentiment around the U.S dollar followed by the FOMC minutes lent optimism to bulls. As per the U.S policymakers the balance of economic risks is now skewed to the downside. Indicators Daily chart Status RSI 61 Bullish STOCHASTIC 74 Bullish MACD Above midline Bullish 200 EMA $1,758 Neutral Outlook Neutral Strategy Action Entry Target 1 Target 2 Stop Loss Buy $1,745 $1,755 $1,765 $1,735