FUNDAMENTAL AND TECHNICAL ANALYSIS REPORT – 10 November 2022

FUNDAMENTAL AND TECHNICAL ANALYSIS REPORT – 10 November 2022

Technical analysis

WALL STREET SLIDES

Asian stock markets had mixed session and closed in red on Wednesday. The Shanghai Composite is down 0.53% at 3048.17. Overall, the Singapore MSCI is down 1.20% at 277.65. Over in Hong Kong, the Hang Seng Index is down 1.20% at 16,358.52. In Japan, the Nikkei 225 is down 0.56% at 27,716.43, while the Topix index is down 0.41% at 1949.49. South Korea’s Kospi is up 1.06% at 2,424.41. Australia S&P/ASX 200 up 0.58% at 6999.30.

Top News of the Day:

U.S. stock indexes fell as the outcome of a tightly contested midterm election remained unclear, with investor focus shifting to inflation data on Thursday for clues on the path of future interest rate hikes.

Republicans were still favoured to win control of the House of Representatives, but key races were too close to call, with a better-than-expected showing by Democrats diminishing the prospect of a “red wave”.

“It is simply uncertainty that (the) Wall Street does not like since a lot of the races have yet to be fully concluded… you don’t get a clear idea as to who has majority in the Senate,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

Market Summary as per 9/11/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded down 0.16% at 13,666.32, CAC 40 futures down 0.17% at 6430.07 and the UK 100 futures contract in the U.K. down 0.14% at 7296.25.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down  1.95% at 32513.94. The S&P 500 down 2.07% at 3748.79 and the Nasdaq 100 also down 2.48% at 10353.17, NYSE closes down 2.03% at 14587.76.

Top Market News Today:

In the Forex market, GBPUSD up 0.47% at 1.1409. The USDJPY down 0.21% at 146.13 The USDCHF down 0.12 at 0.9828. EURUSD up 0.23% at 1.0035. EUR/GBP down 0.18% at 0.8797. The USD/CNY up 0.10% at 7.2488 at the time of writing.

In the Commodity market U.S. Gold futures down at 0.03% $1,713.25. Elsewhere, Silver futures down 0.42% at $21.238 per ounce, Platinum up 0.43% at $1002.35per ounce, and Palladium up 0.55% at $1872.58.

Brent Crude Oil down 0.11% at $92.55 per barrel.

In the Cryptocurrency Markets, Bitcoin at 16601.80 up 4.38%, Ethereum up 7.94% at 1180.54, Litecoin at 53.96 up 7.26%, at the time of writing.

Top Market Segment to Watch Out Today:

Meta: stock rose 6% after the Facebook parent revealed plans to cut 13% of its workforce, or 11,000 jobs, amid a slowdown in digital advertising and a big effort to grow its metaverse business.

Economic News:

US: US voters look likely to pass at least $37 billion of the state and local-government debt sales that were up for consideration in Tuesday’s elections, led by measures that will finance work on schools and other infrastructure projects.

Officials asked for approval of at least $66 billions of bond measures in total, according to a Bloomberg analysis of data compiled by IHS Markit that excludes referendums by Texas’s utility and water districts. An early tally shows that the preponderance is heading for acceptance.

The largest measures that have passed include a $4.2 billion state-wide climate measure in New York and a $2.3 billion school bond in Austin, Texas, according to a preliminary Bloomberg tally of unofficial results.

The approvals “send the message that voters care and are thoughtful about the multi-year impact that infrastructure has on their communities,” said Tom Kozlik, head of municipal research at Hilltop Securities Inc. “It is very clear that voters are not being short-sighted even if there are some negative economic considerations out there.”

Euro Zone: British former junior finance minister Harriett Baldwin was elected chair of parliament’s influential Treasury Committee on Wednesday, promising to hold the government and the Bank of England to account.

Baldwin, who worked for two decades at U.S. bank J.P Morgan before being elected to the House of Commons in 2010, succeeds Mel Stride, an ally of Prime Minister Rishi Sunak who appointed him as work and pensions minister on Oct. 25.

Under British parliamentary rules, the position of committee chair was open only to Conservative lawmakers but elected by members of parliament from all parties.

“With the Chancellor’s Autumn Statement around the corner, interest rates on the rise and inflation well above target, the role of the Committee has never been more important,” Baldwin said after becoming chair.

Top Economic Releases Today:

 1. USD: CPY (YoY) (Oct)- Forecast- 8.0%, Previous- 8.2% at 19:00.

2. USD: Initial Jobless Claims- Forecast-220k, Previous 217K at 19:00.

3. USD: Core CPI (YoY) (Oct)- Forecast-6.5%, Previous 6.6% at 19:00.

4. EUR: ECB`s Enria Speaks at 18:00.

5. GBP: MPS Member Tenreiro Speaks at 18:40.

TECHNICAL SUMMARY

GBPUSD TECHNICAL ANALYSIS

TRADE SUGGESTIONSELL AT 1.1380O, TAKE PROFIT AT 1.2059, SL AT 1.5212

EURUSD TECHNICAL ANALYSIS

TRADE SUGGESTIONBUY AT 1.00657, TAKE PROFIT AT 1.01270, SL 1.00016

USDJPY TECHNICAL ANALYSIS

TRADE SUGGESTIONSELL AT 145.931, TAKE PROFIT AT 145.035, SL AT 145.680

AUDUSD TECHNICAL ANALYSIS

TRADE SUGGESTION- SELL AT 0.64156, TAKE PROFIT AT 0.63321, SL AT 0.64994

NASDAQ 100 TECHNICAL ANALYSIS

TRADE SUGGESTIONSELL AT 10883.80, TAKE PROFIT AT 10619.27, SL 11050.54

BRENT CRUDE OIL TECHNICAL ANAYSIS

TRADE SUGGESTIONSELL AT 91.45, PROFIT AT 89.97, SL AT 93.66

SILVER TECHNICAL ANALYSIS

TRADE SUGGESTIONBUY AT 21.225, TAKE PROFIT AT 21.593, SL AT 20.955

ETHEREUM TECHNICAL ANALYSIS

TRADE SUGGESTIONSELL AT 1163.86, TAKE PROFIT AT 1080.53, SL AT 123.09

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