FUNDAMENTAL AND TECHNICAL ANALYSIS REPORT – 15 November 2022

FUNDAMENTAL AND TECHNICAL ANALYSIS REPORT – 15 November 2022

Technical Analysis

DOLLAR REBOUNDS

Asian stock market remained in green on Monday. The Shanghai Composite is up 1.39% at 3083.40 Overall, the Singapore MSCI is up 2.44% at 288.50. Over in Hong Kong, the Hang Seng Index is up 3.2% at 17,619.71. In Japan, the Nikkei 225 is up 0.10% at 27963.47, while the Topix index is up 0.25% at 1956.90 South Korea’s Kospi is up 3.67% at 2,474.65. Australia S&P/ASX 200 down o.67% at 7146.30.

Top News of the Day: The U.S. dollar climbed versus the yen and stayed firm against other major peers on Tuesday as more Federal Reserve officials made the case for even tighter U.S. monetary policy.

The greenback edged up against sterling and hovered more than 1% above its two-month through to the euro after Fed Vice Chair Lael Brainard on Monday echoed weekend comments by Fed Governor Christopher Waller that interest rates need to keep rising to battle inflation, although potentially at a slower pace.

The dollar index which measures the currency against six counterparts including the yen, euro and sterling, edged 0.03% higher to 107.00 early in the Asian day. The index held onto gains made on Monday when it rebounded from a three-month low of 106.27 hit on Friday.

The index tumbled 3.9% last week, its worst performance since March 2020, after U.S. consumer prices rose less than expected, stoking speculation a peak in rates might be close.

Market Summary as per 14/11/2022:

European equities Friday closing. The DAX futures contract in Germany traded up 0.62% at 14313.30, CAC 40 futures up 0.22% at 6609.17. and the UK 100 futures contract in the U.K. up 0.92% at 7385.017.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.63% at 33536.70. The S&P 500 down 0.89% at 3957.25 and the Nasdaq 100 also down 1.12% at 11196.22, NYSE closes 0.81% at 15228.98.

Top Market News Today:

In the Forex market, GBPUSD up 0.37% at 1.1795. The USDJPY up 0.40% at 140.31 The USDCHF up 0.13 at 0.9443. EURUSD up 0.12% at 1.0338. EUR/GBP down 0.17% at 0.8765. The USD/CNY down 0.42% at 7.0446 at the time of writing.

In the Commodity market U.S. Gold futures down at 0.07% $1,770.78. Elsewhere, Silver futures up 0.10% at $21.018 per ounce, Platinum up 0.82% at $1025.90 per ounce, and Palladium up 0.45% at $2035.40.

Brent Crude Oil up 0.09% at $93.22 per barrel.

In the Cryptocurrency Markets, Bitcoin at 16729.50 up .84%, Ethereum up 1.09% at 1255.09, Litecoin at 57.38 up 1.40%, at the time of writing.

Top Market Segment to Watch Out Today:

TSMC: TSMC’s Taiwan-listed shares opened more than 4% on Tuesday after Warren Buffett’s Berkshire Hathaway (NYSE: BRKA) Inc said it had bought more than $4.1 billion of stock in the Taiwanese semiconductor maker.

Economic News:

U.S. appeals court has extended a block on President Joe Biden’s plan to cancel hundreds of billions of dollars in student loans, a court filing on Monday showed.

The St. Louis-based 8th U.S. Circuit Court of Appeals issued an injunction barring the U.S. Department of Education from erasing student loan debt based on Biden’s executive order in August.

The ruling comes in a lawsuit filed by the states of Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina. The six states argue that Biden skirted congressional authority and that the plan threatens future tax revenues and money earned by state entities that invest in or service student loans.

The court on Oct. 21 temporarily barred the Biden administration from discharging student loans while it considered an emergency request for an injunction by the six states. The states’ lawsuit was dismissed, though they are appealing that decision.

“We are confident in our legal authority for the student debt relief program and believe it is necessary to help borrowers most in need as they recover from the pandemic,” White House spokeswoman Karinne Jean-Pierre said in a written statement on Monday.

“The Administration will continue to fight these baseless lawsuits by Republican officials and special interests and will never stop fighting to support working- and middle-class Americans,” Jean-Pierre said.

Biden’s plan would eliminate roughly $430 billion of the $1.6 trillion in outstanding student debt, according to the nonpartisan Congressional Budget Office.

Euro Zone:

The British government said on Monday it would contribute 1 billion pounds ($1.18 billion) to the Global Fund to fight AIDS, tuberculosis and malaria, more than six weeks after other countries made their commitments.

The total, which covers 2023-25, is 30% less than Britain pledged during the previous funding round in 2019, and below the 1.8 billion pounds requested this time.

Historically, the country has been a major donor to the fund.

Its absence had generated surprise in global health circles when other leaders committed $14.25 billion on the side lines of the United Nations General Assembly in September.

Other G7 countries increased their donations given the unprecedented need after the pandemic disrupted efforts to tackle other urgent health needs.

“This fund gives hope and opportunity to millions who would otherwise suffer,” Andrew Mitchell, Britain’s minister for development, said.

The Global Fund welcomed the funding, but advocacy organisations said it was not enough.

“For decades the UK has been a leader in the global response to these infectious diseases, but no more,” Mike Podmore, director of STOPAIDS, said in a statement.

Malaria No More said the cut may mean some life-saving products that were ready to go, such as next-generation mosquito nets developed in Liverpool, Britain, would not make it to those in urgent need.

The Global Fund estimates that it has saved 50 million lives since its inception in 2002, but COVID-19 knocked progress off-course and the situation has not yet recovered, according to its annual report published in September.

Top Economic Releases Today:

  1. USD: CFCT S&P 500 Speculative Net Positions- Actual –177.1K, Previous 175.1K at 01:00
  2. USD: FOMC Member Williams Speaks at 05:00
  3. AUD: RBA Meeting Minutes at 06:00
  4. JPY:  GDP (QoQ) (Q3) Actual –0.3%, Forecast 0.3%, Previous 0.9%
  5. GBP: Claimant Count Change (Oct) Actual 3.3K, Forecast 17.3K, Previous 25.5K

TECHNICAL SUMMARY

GBPUSD TECHNICAL ANALYSIS

TRADE SUGGESTIONBUY AT 1.18580, TAKE PROFIT AT 1.21118, SL AT 1.16914.

EURUSD TECHNICAL ANALYSIS

TRADE SUGGESTION BUY AT 1.04530, TAKE PROFIT AT 1.05766, SL AT 1.02925

AUDUSD TECHNICAL ANALYSIS

TRADE SUGGESTIONBUY AT 0.67650, TAKE PROFIT AT 0.68680, SL AT 0.66932

USDJPY TECHNICAL ANALYSIS

TRADE SUGGESTION- SELL AT 138.476, TAKE PROFIT AT 135.668, SL AT 141.615

NASDAQ100 INDEX TECHNICAL ANALYSIS

TRADE SUGGESTION BUY AT 11953.04, TAKE PROFIT AT 12162.76, SL AT 11659.44

BRENT CRUDE OIL TECHNICAL ANAYSIS

TRADE SUGGESTION SELL AT 90.62, TAKE PROFIT AT 88.23, SL AT 93.87

SILVER TECHNICAL ANALYSIS

TRADE SUGGESTIONBUY AT 21.970, TAKE PROFIT AT 22.381, SL AT 21.666

BITCOIN TECHNICAL ANALYSIS

TRADE SUGGESTIONSELL AT 16617.02, TAKE PROFIT AT 15953.95, SL AT 17482.76

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