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DAILY MARKET INSIGHT
23 November 2022
DAILY MARKET
INSIGHT
23 November 2022
DAILY MARKET INSIGHT
23 November 2022
Economic Calendar
Time Currency News Impact Expectation
02:00 AM AUD S&P Global Manufacturing PMI
Flash NOV
High 52.2
05:00 AM NZD RBNZ Rate Decision High 4.25%
01:00 PM EUR S&P Global Manufacturing PMI
Flash NOV
Medium 45.7
01:30 PM GBP S&P Global/CIPS UK Services
PMI Flash NOV
Medium 47.6
05:00 PM USD Building Permits Final OCT Medium 1.526M
05:30 PM USD Durable Goods Orders
MoM OCT
High 0.3%
05:30 PM USD Initial Jobless Claims Medium 228K
07:00 PM USD New Home Sales OCT High 0.58M
11:00 PM USD FOMC Minutes High -
DAILY MARKET INSIGHT
23 November 2022
AUD/USD TREND: NEUTRAL
AUD/USD continues to play around 0.6650 on Wednesday as it managed to bounce back
from the low of 0.6604 in the previous session. A strong resistance is placed at 0.6750,
horizontal resistance zone that keeps bulls pace in check. We expect a sideways movement
with a neutral bias.
Indicators Daily chart Status
RSI 56 Bullish
STOCHASTIC 63 Bullish
MACD Above midline Bullish
200 EMA 0.6845 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6650 0.6620 0.6590 0.6680
DAILY MARKET INSIGHT
23 November 2022
NZD/USD TREND: NEUTRAL
NZD/USD fades the gains and oscillates near one-week old trading range on Wednesday.
The Reserve Bank of New Zealand (RBNZ) announced a 75bps rate hike but the Kiwi pair
excludes further gains as the Governor Adrian Orr expects a brief recession ahead.
Indicators Daily chart Status
RSI 66 Bullish
STOCHASTIC 89 Bullish
MACD Above midline Bullish
200 EMA 0.6230 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.6150 0.6180 0.6210 0.6120
DAILY MARKET INSIGHT
23 November 2022
EUR/USD TREND: NEUTRAL
EUR/USD trades inside the broadening technical pattern with consolidation near the higher
levels. The U.S dollar is stable around 107.00 ahead of FOMC minutes. A higher opening
today suggest the price could approach the 200-day EMA at 1.0383.
Indicators Daily chart Status
RSI 61 Bullish
STOCHASTIC 71 Bullish
MACD Above midline Bullish
200 EMA 1.0383 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.0310 1.0340 1.0370 1.0280
DAILY MARKET INSIGHT
23 November 2022
GBP/USD TREND: NEUTRAL
GBP/USD trades cautiously near 1.1880 following recovery gains in the previous trading
session. The pair is trading in a very tight range of 1.1810-1.1910 for the past week. The
FOMC minutes due to release today guiding to the pace of the future rate hike. A hawkish
view could drop the Pound sub 1.1800 level in the short term.
Indicators Daily chart Status
RSI 60 Bullish
STOCHASTIC 80 Bullish
MACD Above midline Bullish
200 EMA 1.2100 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.1870 1.1900 1.1930 1.1840
DAILY MARKET INSIGHT
23 November 2022
USD/JPY TREND: NEUTRAL
On the daily chart, the USD/JPY pair trades sluggish below 142.00 amid quiet market mood.
However, the recent rally is expected to undergo such correction offering a dip buying
opportunity. A hold above 141.50 could see gains toward 142.50 and 143.00 in the short term.
4Indicators Daily chart Status
RSI 42 Bearish
STOCHASTIC 37 Bearish
MACD Below midline Bearish
200 EMA 134.88 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 141.10 141.40 141.70 140.80
DAILY MARKET INSIGHT
23 November 2022
USD/CAD TREND: NEUTRAL
USD/CAD trades inside the descending trending channel. The price faces rejection near the
upper trend line of the channel. However, to perfectly align with the formation the price must
approach toward 1.3500.
Indicators Daily chart Status
RSI 45 Bearish
STOCHASTIC 46 Bearish
MACD Below midline Bearish
200 EMA 1.3110 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.3390 1.3360 1.3330 1.3420
DAILY MARKET INSIGHT
23 November 2022
USD/CHF TREND: BEARISH
On the daily chart, the USD/CHF pair continues to stir below the hurdle of the 200-day EMA
placed at 0.9633. The pair oscillates in a very limited action showing a tug of war between
bulls and bears. A drop below the previous session low of 0.9509 would be a bearish sign.
Indicators Daily chart Status
RSI 37 Bearish
STOCHASTIC 25 Bearish
MACD Below midline Bearish
200 EMA 0.9631 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.9510 0.9480 0.9450 0.9540
DAILY MARKET INSIGHT
23 November 2022
GOLD TREND: BULLISH
XAU/USD drops to three-day’s low near $1,730 pouring water on the bulls expectations. The
price is expected to trade under pressure ahead of FOMC minutes. The descending trend line
indicates a probable target range if the price drops below $1,730.
Indicators Daily chart Status
RSI 56 Bullish
STOCHASTIC 59 Bullish
MACD Above midline Bullish
200 EMA $1,759 Bullish
Outlook BULLISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy $1,730 $1,740 $1,750 $1,720

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Daily Market Insight-23 November.pdf

  • 1. DAILY MARKET INSIGHT 23 November 2022 DAILY MARKET INSIGHT 23 November 2022
  • 2. DAILY MARKET INSIGHT 23 November 2022 Economic Calendar Time Currency News Impact Expectation 02:00 AM AUD S&P Global Manufacturing PMI Flash NOV High 52.2 05:00 AM NZD RBNZ Rate Decision High 4.25% 01:00 PM EUR S&P Global Manufacturing PMI Flash NOV Medium 45.7 01:30 PM GBP S&P Global/CIPS UK Services PMI Flash NOV Medium 47.6 05:00 PM USD Building Permits Final OCT Medium 1.526M 05:30 PM USD Durable Goods Orders MoM OCT High 0.3% 05:30 PM USD Initial Jobless Claims Medium 228K 07:00 PM USD New Home Sales OCT High 0.58M 11:00 PM USD FOMC Minutes High -
  • 3. DAILY MARKET INSIGHT 23 November 2022 AUD/USD TREND: NEUTRAL AUD/USD continues to play around 0.6650 on Wednesday as it managed to bounce back from the low of 0.6604 in the previous session. A strong resistance is placed at 0.6750, horizontal resistance zone that keeps bulls pace in check. We expect a sideways movement with a neutral bias. Indicators Daily chart Status RSI 56 Bullish STOCHASTIC 63 Bullish MACD Above midline Bullish 200 EMA 0.6845 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6650 0.6620 0.6590 0.6680
  • 4. DAILY MARKET INSIGHT 23 November 2022 NZD/USD TREND: NEUTRAL NZD/USD fades the gains and oscillates near one-week old trading range on Wednesday. The Reserve Bank of New Zealand (RBNZ) announced a 75bps rate hike but the Kiwi pair excludes further gains as the Governor Adrian Orr expects a brief recession ahead. Indicators Daily chart Status RSI 66 Bullish STOCHASTIC 89 Bullish MACD Above midline Bullish 200 EMA 0.6230 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.6150 0.6180 0.6210 0.6120
  • 5. DAILY MARKET INSIGHT 23 November 2022 EUR/USD TREND: NEUTRAL EUR/USD trades inside the broadening technical pattern with consolidation near the higher levels. The U.S dollar is stable around 107.00 ahead of FOMC minutes. A higher opening today suggest the price could approach the 200-day EMA at 1.0383. Indicators Daily chart Status RSI 61 Bullish STOCHASTIC 71 Bullish MACD Above midline Bullish 200 EMA 1.0383 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.0310 1.0340 1.0370 1.0280
  • 6. DAILY MARKET INSIGHT 23 November 2022 GBP/USD TREND: NEUTRAL GBP/USD trades cautiously near 1.1880 following recovery gains in the previous trading session. The pair is trading in a very tight range of 1.1810-1.1910 for the past week. The FOMC minutes due to release today guiding to the pace of the future rate hike. A hawkish view could drop the Pound sub 1.1800 level in the short term. Indicators Daily chart Status RSI 60 Bullish STOCHASTIC 80 Bullish MACD Above midline Bullish 200 EMA 1.2100 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.1870 1.1900 1.1930 1.1840
  • 7. DAILY MARKET INSIGHT 23 November 2022 USD/JPY TREND: NEUTRAL On the daily chart, the USD/JPY pair trades sluggish below 142.00 amid quiet market mood. However, the recent rally is expected to undergo such correction offering a dip buying opportunity. A hold above 141.50 could see gains toward 142.50 and 143.00 in the short term. 4Indicators Daily chart Status RSI 42 Bearish STOCHASTIC 37 Bearish MACD Below midline Bearish 200 EMA 134.88 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 141.10 141.40 141.70 140.80
  • 8. DAILY MARKET INSIGHT 23 November 2022 USD/CAD TREND: NEUTRAL USD/CAD trades inside the descending trending channel. The price faces rejection near the upper trend line of the channel. However, to perfectly align with the formation the price must approach toward 1.3500. Indicators Daily chart Status RSI 45 Bearish STOCHASTIC 46 Bearish MACD Below midline Bearish 200 EMA 1.3110 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.3390 1.3360 1.3330 1.3420
  • 9. DAILY MARKET INSIGHT 23 November 2022 USD/CHF TREND: BEARISH On the daily chart, the USD/CHF pair continues to stir below the hurdle of the 200-day EMA placed at 0.9633. The pair oscillates in a very limited action showing a tug of war between bulls and bears. A drop below the previous session low of 0.9509 would be a bearish sign. Indicators Daily chart Status RSI 37 Bearish STOCHASTIC 25 Bearish MACD Below midline Bearish 200 EMA 0.9631 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.9510 0.9480 0.9450 0.9540
  • 10. DAILY MARKET INSIGHT 23 November 2022 GOLD TREND: BULLISH XAU/USD drops to three-day’s low near $1,730 pouring water on the bulls expectations. The price is expected to trade under pressure ahead of FOMC minutes. The descending trend line indicates a probable target range if the price drops below $1,730. Indicators Daily chart Status RSI 56 Bullish STOCHASTIC 59 Bullish MACD Above midline Bullish 200 EMA $1,759 Bullish Outlook BULLISH Strategy Action Entry Target 1 Target 2 Stop Loss Buy $1,730 $1,740 $1,750 $1,720