Daily Market Report: November 23, 2021

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

Oil price rises; EURUSD heads lower

US Stock Market

Last: 35,876

Pivot: 35,725

Review:

US stocks were mixed after the close on Monday, as gains in the oil & gas, telecoms and consumer goods sectors led shares higher while losses in the technology, consumer services and healthcare sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average gained 0.05%, while the S&P 500 index fell 0.32%, and the NASDAQ Composite index lost 1.26%.

Technical comment:

Technically the RSI is below its neutrality area at 50.

Preference scenario:

For long positions above 35725, look for the next targets at 36040 and 36160 in extension.

Alternative scenario:

In the event of a price decline below 35725, look for a further downside with 35560 and 35440 as targets.

Resistance 36,040 36,160 36,310
Support 35,725 35,560 35,440
Oil price rises; EURUSD heads lower
USD/JPY

Last: 114.81

Pivot: 114.45

Review:

USD/JPY consolidates the biggest daily gains in two weeks. USD/JPY refreshes intraday low to 114.73 even as traders in Tokyo cheer Labor Thanksgiving Day’s holiday on Tuesday.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Should the price rise above 114.45, with targets at 115.10 and 115.30 in extension.

Alternative scenario:

If the price falls below 114.45, look for a further downside with 114.25 and 114.05 as targets.

Resistance 115.1 115.3 115.5
Support 114.45 114.25 114.05
Oil price rises; EURUSD heads lower
Gold

Last: 1,809

Pivot: 1,828

Review:

US gold futures saw a sharp sell-off on Monday. XAU/USD settled 2.4% lower on Tuesday at $1,811.30, at the time of writing.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

For short positions below 1828.00, the next targets could be at 1802.00 and 1785.00 in extension.

Alternative scenario:

Should there be a price increase above 1828.00, look for a further upside with 1836.00 and 1845.00 as targets.

Resistance 1,828 1,836 1,845
Support 1,802 1,785 1,771
Oil price rises; EURUSD heads lower
Oil

Last: 76.52

Pivot: 75.7

Review:

Oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand. WTI crude futures rose 81 cents, or 1%, to settle at $76.75 a barrel.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

Should the price rise above 75.70, new targets could be at 77.15 and 77.60 in extension.

Alternative scenario:

In the scenario where the price falls below 75.70, look for a further downside with 75.20 and 74.75 as targets.

Resistance 77.15 77.6 78.3
Support 75.7 75.2 74.75
Oil price rises; EURUSD heads lower
EUR/USD

Last: 1.124

Pivot: 1.1265

Review:

The EUR/USD continue heading lower, as the New York session wanes and the Asian session begins, is trading at 1.1239, around the new year-to-date lows, at the time of writing.

Technical comment:

The RSI calls for a new downleg.

Preference scenario:

A sell opportunity could arise if the price drops below 1.1265, with targets at 1.1220 and 1.1200 in extension.

Alternative scenario:

If the price surpasses 1.1265, look for a further upside with 1.1280 and 1.1295 as targets.

Resistance 1.1265 1.128 1.1295
Support 1.122 1.12 1.118
Oil price rises; EURUSD heads lower
GBP/USD

Last: 1.3398

Pivot: 1.343

Review:

GBP/USD consolidates losses made during the last two days around 1.3400 during the initial Asian session on Tuesday.

Technical comment:

The RSI advocates for further downside.

Preference scenario:

For short positions below 1.3430, look for the next targets at 1.3370 and 1.3350 in extension.

Alternative scenario:

In the case where the rate climbs above 1.3430, look for a further upside with 1.3450 and 1.3475 as targets.

Resistance 1.343 1.345 1.3475
Support 1.337 1.335 1.333
Oil price rises; EURUSD heads lower

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. 1Market provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. 1Market cannot be held liable for any information provided by Trading Central. 1Market makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of 1Market, a third party or otherwise.

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