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DAILY MARKET INSIGHT
17 November 2022
DAILY MARKET
INSIGHT
17 November 2022
DAILY MARKET INSIGHT
17 November 2022
Economic Calendar
Time Currency News Impact Expectation
03:50 AM JPY Balance of Trade OCT High Yen -1400B
04:30 AM AUD Unemployment Rate OCT High 3.5%
11:00 AM CHF Balance of Trade OCT Medium CHF2.9B
02:00 PM EUR Inflation Rate YoY Final OCT Medium 10.7%
04:30 PM GBP UK Autumn Statement High -
05:30 PM USD Housing Starts OCT High 1.40M
05:30 PM USD Building Permits Prel OCT High 1.465M
05:30 PM USD Initial Jobless Claims 12/NOV Medium 227K
DAILY MARKET INSIGHT
17 November 2022
AUD/USD TREND: NEUTRAL
AUD/USD retreated from the high of 0.6749 and trades with a negative bias. Despite positive
Job data, the risk-aversion led the losses in the risk perceived currency. A move below 0.6700
would set the path for more losses.
Indicators Daily chart Status
RSI 63 Bullish
STOCHASTIC 84 Bullish
MACD Above midline Bullish
200 EMA 0.6855 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.6710 0.6740 0.6770 0.6680
DAILY MARKET INSIGHT
17 November 2022
NZD/USD TREND: NEUTRAL
On the daily chart, the NZD/USD pair formed an ‘Evening star’ formation on Wednesday. The
confirmation followed as the pair opened lower. A daily close below the session’s low of 0.6116
would see more downside in the spot.
Indicators Daily chart Status
RSI 68 Bullish
STOCHASTIC 84 Bullish
MACD Above midline Bullish
200 EMA 0.6234 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.6120 0.6150 0.6180 0.6090
DAILY MARKET INSIGHT
17 November 2022
EUR/USD TREND: NEUTRAL
EUR/USD flirts near the 200-day EMA and trades sideways. The bulls look for further
conformation to push the price above the mentioned hurdle. Trader brace up for the inflation
data due later.
Indicators Daily chart Status
RSI 68 Bullish
STOCHASTIC 86 Bullish
MACD Above midline Bullish
200 EMA 1.0387 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.0380 1.0410 1.0440 1.0350
DAILY MARKET INSIGHT
17 November 2022
GBP/USD TREND: NEUTRAL
GBP/USD bulls took a breath and trades below the 1.1900 mark. The pair trade in a tight
range with a neutral bias.
Indicators Daily chart Status
RSI 61 Bullish
STOCHASTIC 83 Bullish
MACD Above midline Bullish
200 EMA 1.2113 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.1900 1.1930 1.1960 1.1870
DAILY MARKET INSIGHT
17 November 2022
USD/JPY TREND: NEUTRAL
USD/JPY continues to trade in the familiar trading range and consolidates near 139.50. The
MACD is losing further momentum below its trigger line, indicating more bearishness, while
RSI is also in the oversold territory.
4Indicators Daily chart Status
RSI 32 Bearish
STOCHASTIC 16 Bearish
MACD Below midline Bearish
200 EMA 134.56 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 139.50 139.20 138.90 139.80
DAILY MARKET INSIGHT
17 November 2022
USD/CAD TREND: NEUTRAL
USD/CAD prints the gains for the straight second session on Thursday. The pair meet the
horizontal resistance zone near 1.3350 on the daily chart and attempts to breach in the early
European session.
Indicators Daily chart Status
RSI 42 Bearish
STOCHASTIC 21 Bearish
MACD Below midline Bearish
200 EMA 1.3095 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.3340 1.3310 1.3280 1.3370
DAILY MARKET INSIGHT
17 November 2022
USD/CHF TREND: BEARISH
With the formation of multiple Doji candlesticks near the low made 0.9390, the pair seeks
validation to turn this level in to interim support level. Oversold market structure pointing at a
bounce back in the price.
Indicators Daily chart Status
RSI 30 Bearish
STOCHASTIC 13 Bearish
MACD Below midline Bearish
200 EMA 0.9636 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.9450 0.9420 0.9390 0.9480
DAILY MARKET INSIGHT
17 November 2022
GOLD TREND: BULLISH
Gold price trades with modest losses on Thursday while retreating from the high of $1,785
made in the previous session. A daily close below the pivot of $1,760 would alter the current
course of action.
Indicators Daily chart Status
RSI 65 Bullish
STOCHASTIC 86 Bullish
MACD Above midline Bullish
200 EMA $1,759 Bullish
Outlook BULLISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy $1,765 $1,775 $1,785 $1,755

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Daily Market Insight-17 November.pdf

  • 1. DAILY MARKET INSIGHT 17 November 2022 DAILY MARKET INSIGHT 17 November 2022
  • 2. DAILY MARKET INSIGHT 17 November 2022 Economic Calendar Time Currency News Impact Expectation 03:50 AM JPY Balance of Trade OCT High Yen -1400B 04:30 AM AUD Unemployment Rate OCT High 3.5% 11:00 AM CHF Balance of Trade OCT Medium CHF2.9B 02:00 PM EUR Inflation Rate YoY Final OCT Medium 10.7% 04:30 PM GBP UK Autumn Statement High - 05:30 PM USD Housing Starts OCT High 1.40M 05:30 PM USD Building Permits Prel OCT High 1.465M 05:30 PM USD Initial Jobless Claims 12/NOV Medium 227K
  • 3. DAILY MARKET INSIGHT 17 November 2022 AUD/USD TREND: NEUTRAL AUD/USD retreated from the high of 0.6749 and trades with a negative bias. Despite positive Job data, the risk-aversion led the losses in the risk perceived currency. A move below 0.6700 would set the path for more losses. Indicators Daily chart Status RSI 63 Bullish STOCHASTIC 84 Bullish MACD Above midline Bullish 200 EMA 0.6855 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.6710 0.6740 0.6770 0.6680
  • 4. DAILY MARKET INSIGHT 17 November 2022 NZD/USD TREND: NEUTRAL On the daily chart, the NZD/USD pair formed an ‘Evening star’ formation on Wednesday. The confirmation followed as the pair opened lower. A daily close below the session’s low of 0.6116 would see more downside in the spot. Indicators Daily chart Status RSI 68 Bullish STOCHASTIC 84 Bullish MACD Above midline Bullish 200 EMA 0.6234 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.6120 0.6150 0.6180 0.6090
  • 5. DAILY MARKET INSIGHT 17 November 2022 EUR/USD TREND: NEUTRAL EUR/USD flirts near the 200-day EMA and trades sideways. The bulls look for further conformation to push the price above the mentioned hurdle. Trader brace up for the inflation data due later. Indicators Daily chart Status RSI 68 Bullish STOCHASTIC 86 Bullish MACD Above midline Bullish 200 EMA 1.0387 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.0380 1.0410 1.0440 1.0350
  • 6. DAILY MARKET INSIGHT 17 November 2022 GBP/USD TREND: NEUTRAL GBP/USD bulls took a breath and trades below the 1.1900 mark. The pair trade in a tight range with a neutral bias. Indicators Daily chart Status RSI 61 Bullish STOCHASTIC 83 Bullish MACD Above midline Bullish 200 EMA 1.2113 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.1900 1.1930 1.1960 1.1870
  • 7. DAILY MARKET INSIGHT 17 November 2022 USD/JPY TREND: NEUTRAL USD/JPY continues to trade in the familiar trading range and consolidates near 139.50. The MACD is losing further momentum below its trigger line, indicating more bearishness, while RSI is also in the oversold territory. 4Indicators Daily chart Status RSI 32 Bearish STOCHASTIC 16 Bearish MACD Below midline Bearish 200 EMA 134.56 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 139.50 139.20 138.90 139.80
  • 8. DAILY MARKET INSIGHT 17 November 2022 USD/CAD TREND: NEUTRAL USD/CAD prints the gains for the straight second session on Thursday. The pair meet the horizontal resistance zone near 1.3350 on the daily chart and attempts to breach in the early European session. Indicators Daily chart Status RSI 42 Bearish STOCHASTIC 21 Bearish MACD Below midline Bearish 200 EMA 1.3095 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.3340 1.3310 1.3280 1.3370
  • 9. DAILY MARKET INSIGHT 17 November 2022 USD/CHF TREND: BEARISH With the formation of multiple Doji candlesticks near the low made 0.9390, the pair seeks validation to turn this level in to interim support level. Oversold market structure pointing at a bounce back in the price. Indicators Daily chart Status RSI 30 Bearish STOCHASTIC 13 Bearish MACD Below midline Bearish 200 EMA 0.9636 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.9450 0.9420 0.9390 0.9480
  • 10. DAILY MARKET INSIGHT 17 November 2022 GOLD TREND: BULLISH Gold price trades with modest losses on Thursday while retreating from the high of $1,785 made in the previous session. A daily close below the pivot of $1,760 would alter the current course of action. Indicators Daily chart Status RSI 65 Bullish STOCHASTIC 86 Bullish MACD Above midline Bullish 200 EMA $1,759 Bullish Outlook BULLISH Strategy Action Entry Target 1 Target 2 Stop Loss Buy $1,765 $1,775 $1,785 $1,755