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USDJPY Under the Negative Pressure​

The USDJPY pair faced negative pressure in the previous sessions to break 147.17 level and close the daily candlestick below it, which puts the price under more expected negative pressure in the upcoming sessions, as it returns to the correctional bearish channel to head towards visiting 146 followed by 144.20 levels as next main targets.

Therefore, the bearish trend will be suggested for today, noting that consolidating above 147.17 will stop the expected negative scenario and lead the price to recover again. The expected trading range for today is between 146.40 support and 147.90 resistance, and the expected trend for today is Bearish.​

 

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GBPJPY Records Some Targets​

The GBPJPY pair succeeded to breach 166.80 level, to form strong bullish rally and notice achieving many positive targets by touching 169.10 level, while the price might form sideways fluctuation until gathering the additional positive momentum that will assist to resume the rise and reach the additional targets near 169.65 and 170.50.

The above chart shows that stochastic begins to form bullish waves to approach 50 level, to increase the chances of gaining the required positive momentum to achieve the suggested targets.

The expected trading range for today is between 167.80 and 169.65, and the expected trend for today is Bullish.​

 

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AUDUSD awaits more rise​

The AUDUSD pair settles around 0.6470 level, and the price needs to get positive momentum that assists to push trades to continue rising and achieve our next positive target at 0.6540. In general, we will continue to suggest the bullish trend unless breaking 0.6397 and holding below it, noting that the EMA50 continues to support the expected bullish wave.

The expected trading range for today is between 0.6420 support and 0.6540 resistance, and the expected trend for today is Bullish.

 

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USDJPY - Japanese currency retains its advantage​

This morning, the Bank of Japan published a summary of opinions – a survey of regulator officials in all areas of the economy. Their points of view often turn out to be correct in the long run, and this time almost all participants in the discussion noted a positive trend: it is expected that the purchasing power of household incomes will continue to grow and slow down slightly only next year. At the same time, the maximum value of the inflation indicator is estimated at 3.0%, and by mid-2023, it is projected to decline to 2.0%. The regulator does not intend to change the dovish rhetoric and will likely maintain a policy of negative interest rates at subsequent meetings. In turn, the index of household spending in September increased by 1.8% after falling by 1.7% in August, which was reflected in the growth of the annual value, which now added 2.3%, and the average wage in October – 2 .1% after rising 1.7% last month.

The trading instrument moves within the global uptrend, smoothly reversing downwards.

Resistance levels: 148.25, 151 | Support levels: 145, 141.5​

 

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USDCHF hits the negative target​

The USDCHF pair managed to touch the waited negative target at 0.990 and achieved negative close below it, to support the chances of continuing the bearish bias in the upcoming sessions, paving the way to head towards 0.9815 as a next target. Therefore, we expect to witness more decline today, noting that failing to consolidate below 0.9890 will lead the price to start intraday bullish wave that targets testing 0.9990 areas initially.

The expected trading range for today is between 0.9830 support and 0.9970 resistance, and the expected trend for today is Bearish.​

 

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Dow Jones - US stock market continues to rise​

Quotes of stock indicators took advantage of the slowdown in the bond market and continue to grow after the publication of positive corporate reports. According to financial company Refinitiv Lipper, the average value of shares of US funds increased by 8.7% in October, which served as a catalyst for the DJIA quotes to strengthen by 14.0% during the month.

Index quotes continue corrective dynamics, rising in the direction of the daily channel resistance line.

Support levels: 32000, 30650 | Resistance levels: 33300, 34300​

 

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ETHUSD - Murrey analysis​

Last week, the ETHUSD pair reached three-month highs at 1635.35 but then began to decline as part of the general market trend, which continues to the present. Now the price is actively testing 1500 (Murrey [4/8], the middle line of Bollinger bands), hoping to consolidate below it and reverse the current short-term uptrend. If successful, the decline may continue to 1375 (Murrey [2/8]), 1312.5 (61.8% Fibonacci retracement, Murrey [1/8]). The key “bullish” level is 1625 (Murrey [6/8]), a breakout of which will give the prospect of resuming growth around 1745 (Murrey [8/8], Fibonacci correction 23.6%), 1812.5 (Murrey [+1/8], the upper limit of the downstream channel).

Resistance levels: 1625, 1745, 1812.5 | Support levels: 1500, 1375, 1312.5​

 

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EURUSD resumes the rise​

The EURUSD pair’s rise stopped near 1.0100 level, to show tight fluctuation in attempt to gain some new positive momentum, waiting to resume the bullish wave that targets 1.0180 as a next station.

Until now, the bullish trend scenario still valid for the upcoming period as long as 1 level remains intact, noting that the EMA50 continues to support the suggested bullish wave, which its targets extend to reach 1.0285 after surpassing the above mentioned level.

The expected trading range for today is between 1.0000 support and 1.0170 resistance, and the expected trend for today is Bullish.​

 

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NZDUSD Achieves more Gains​

The NZDUSD pair achieved our first positive target at 0.6 and bounced downwards temporarily from there, to attempt to gather the positive momentum, waiting to resume the bullish wave that targets 0.61 level as a next main station.

The EMA50 continues to support the price from below, to keep the bullish trend scenario valid and active conditioned by the price stability above 0.591. The expected trading range for today is between 0.591 support and 0.602 resistance, and the expected trend for today is Bullish.​

 

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Dollar Heads to more Losses Amid Geopolitical Uncertainty​

Dollar fell against most major rivals on Tuesday amid geopolitical uncertainty, coinciding with today's US mid-term Congressional elections. Most analysts expect the Republican party to win most seats in this election, moving aside the Democrats from their current majority. Later this week, important US inflation data will be released and will provide clues on the Federal Reserve's next monetary policies.

The Federal Reserve decided last week to increase interest rates by 75 basis points as expected, the fourth such increase in a row to control inflation. The dollar index fell 0.4% to 109.6 as of 18:36 GMT, with an intraday high at 110.6, and a low at 109.3.​

 

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ADA USD - the conflict between Binance and FTX continues to put pressure on the market

The cryptocurrency market suddenly found itself under serious pressure amid the conflict between the two largest digital platforms. At the beginning of the week, the head of Binance, Changpeng Zhao, announced the company's withdrawal from the investment agreement with FTX and the refusal to operate with its own token of this FTT exchange. This decision was caused by suspicions of overstating the balance sheet of Alameda Presearch. As a result, the FTX platform began to experience significant liquidity problems, investors began to withdraw funds, and the value of FTT sharply decreased, pulling the leading cryptocurrencies with it. After that, the management of both platforms had to realize that if the consequences of this situation were similar to the fall of the LUNA token, the entire digital asset sector would be greatly damaged, investors would lose interest in it or be wary of it, and regulators would make new efforts to limit the activities of the cryptocurrency community. As a result, Sam Bankman-Fried and Changpeng Zhao agreed to sell FTX assets to Binance exchange, which should ensure the preservation of its clients' funds. This decision, however, has not yet been able to stabilize the market and the fall in prices of leading assets continues.

The XRP token reacted to the current situation with a decline and is now close to the support zone of 0.3418-0.3360 (Murray [2/8], October lows). In case of its breakdown, the decline will continue to the levels of 0.3173 (Murray [1/8]), 0.2929 (Murray [0/8]). The key for the "bulls" is the level of 0.3906 (Murray [4/8], the middle line of the Bollinger Bands), consolidation above which will give the prospect of growth to the levels of 0.4394 (Murray [6/8]), 0.4638 (Murray [7/8]).

Resistance levels: 0.3906, 0.4394, 0.4638 | Support levels: 0.3360, 0.3173, 0.2929​

 

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CAC 40 - French stock market continues to rise​

One of the leading indexes of the European economy CAC 40 continues its upward correction in the area of 6418, which was supported by yesterday's macroeconomic report: according to September data, French Exports rose to 52illion euros from 51.88 billion euros in August, while Imports rose to 69.5 billion euros from 67.1 billion euros.

On the daily chart of the asset, quotes continue to trade within the descending corridor, approaching the resistance line.

Support levels: 6330, 6030 | Resistance levels: 6550, 6830​

 

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EURUSD tests the support​

The EURUSD pair traded negatively on yesterday’s evening to test the key support 1.0, keeping its stability above it, accompanied by witnessing clear positive signals through stochastic now, while the EMA50 continues to provide the positive support to the price. Therefore, these factors encourage us to keep our bullish overview that its next target located at 1.0185, noting that breaking 1.0 will stop the positive scenario and press on the price to turn to decline.

The expected trading range for today is between 0.9950 support and 1.0120 resistance, and the expected trend for today is Bullish.​

 

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GBPUSD Under the Negative Pressure​

The GBPUSD pair faced strong negative pressure yesterday, as it broke 1.1510 level and decline to reach 23.6% Fibonacci level at 1.1326 direct, noticing that the price begins to rebound bullishly by today’s open, to hint heading to recover again and regain the bullish trend. Therefore, we suggest witnessing positive trades in the upcoming sessions, supported by the positive overlapping signal provided by stochastic, noting that breaking 1.1326 will press on the price to suffer new losses and head towards the next correctional level at 1.1130.

The expected trading range for today is between 1.1320 support and 1.1500 resistance, and the expected trend for today is Bullish.​

 

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Euro resumes gains ahead of US inflation data​

Euro rose in European trade against dollar on track for two-month highs amid prospects of further policy tightening by the ECB. The greenback lost additional ground ahead of US inflation data in October, which will provide additional clues on the Fed's next rate hike in December.

EURUSD rose 0.35% to 1.0043, with a session-low at 1.0006, after falling 0.6% yesterday, the first loss in four days on profit-taking away from two-month highs at 1.0096.

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The ECB​

German two-year treasury yields are hovering near late 2008 highs at 2.252% recently. Such a spike to 14-year highs are based on expected policy tightening by the ECB soon to close the policy gap with the US.
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The Dollar​

The dollar index fell 0.3% on Thursday on track for two-month lows at 109.36 against a basket of major rivals. Such a decline comes ahead of major US inflation data in October, which will provide crucial clues to the Fed's December policy decisions. Currently, traders estimates a 67% chance of a 0.5% rate hike by the Fed in December, and a 33% chance of a 0.75% rate hike.​

 

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USDCAD - Markets await final US election results​

Analysts believe that the leading macroeconomic indicators in Canada are not improving fast enough: for example, yesterday, the Minister of Finance Chrystia Freeland said that households could alleviate the burden of high inflation for themselves if they refuse paid subscription to streaming television services, which caused outrage in the expert community. The greatest growth in recent months has been shown by food inflation, which reached a 41-year high of 18.0%, and it is unlikely that it will be possible to solve this problem by reducing the personal spending of households.



On the daily chart of the asset, the trading instrument continues to implement the Head and shoulders reversal pattern.

Resistance levels: 1.36, 1.38 | Support levels: 1.3426, 1.322​

 

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S&P 500 - Local corrective trend continues​

The American market significantly slowed down the dynamics in anticipation of the results of the Midterm elections to the US Congress, as well as data on inflation. The S&P 500 is currently correcting, trading at 3759.

Based on the interim results of the voting, it is quite likely that different parties will control the Senate and the House of Representatives, which will create a so-called "political impasse". This may mean that the adoption of new legislative initiatives will be difficult, and, therefore, the likelihood of the final adoption of a bill to raise corporate taxes may be reduced, which is a positive signal for the stock market.

The index quotes continued the local corrective trend, more and more clearly forming the Flag pattern on the daily chart.

Support levels: 3700, 3570 | Resistance levels: 3830, 4000​

 

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ADAUSD -The development of the FTX crisis puts pressure on the market​

The pressure on the digital asset sector continues to be exerted by the situation around the FTX exchange, which currently cannot provide coverage for client deposits, and its token can repeat the dynamics of the LUNA coin, losing about 90% of its value in a few days. Even yesterday, it seemed to the community members that a way out of the crisis had been found since the world's largest cryptocurrency platform Binance agreed to buy FTX assets, but then the company's CEO Changpeng Zhao abandoned these plans, which became the driver of the market's rapid decline. The exchange said that the problems associated with the misuse of FTX client funds were more serious than expected, so there were no opportunities to help the exchange. FTX CEO Sam Bankman-Fried has requested an additional 8.0B dollars in funding from investors to enable the withdrawal of user funds. If this amount is not received, then a declaration of bankruptcy will follow. Soon, this situation will negatively affect the entire digital sector and may provoke a serious outflow of investors and further price declines. According to analysts at JPMorgan Chase & Co., the FTX crisis is developing too quickly, and market participants are not fully aware of its danger, and as soon as this happens, a cascading liquidation of open positions may begin.

The trading instrument is trying to win back the lost positions but to resume serious growth, it needs to consolidate above 0.3906 (Murrey [0/8], the middle line of Bollinger Bands), and then the uptrend targets will be 0.4394 (Murrey [1/8], Fibonacci correction 50.0%) and 0.4670 (61.8% Fibonacci retracement). After the consolidation below 0.3085 (annual lows), the decline will continue to 0.2440 (Murrey [2/8] for H4).

Resistance levels: 0.3906, 0.4394, 0.4670 | Support levels: 0.3085, 0.2440​

 

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EURUSD Hits the Target​

The EURUSD pair succeeded to achieve our waited target at 1.0185 and attempts to breach it, to pave the way to continue the rise and head to visit 1.0285 as a next positive target. The EMA50 continues to support the price from below, to support the continuation of the bullish trend in the upcoming sessions, taking into consideration that failing to surpass 1.0185 will press on the price to rebound bearishly and head to test 1.0 areas before any new attempt to rise.

The expected trading range for today is between 1.0100 support and 1.0285 resistance.​

 

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Sentiment boosted in markets after US inflation data​

Global financial markets were boosted after US inflation data that showed a slowdown in prices in October. It's the fourth consecutive monthly slowdown in consumer prices, asserting a move away from record 9.1% inflation in June, as the Fed's aggressive policy tightening moves finally show their impact. Bets on a 0.50% rate hike by the Federal Reserve in December rose from 67% to 85%, while bets on a 0.75% rate hike tumbled from 33% to 15%.

Inflation Data
US consumer prices rose 7.7% in October y/y, less than the expected 7.9%, and down from 8.2% in the previous reading. Core prices, excluding food and fuel, rose 6.3%, less than the expected 6.5%, and less than 6.6%5 in the previous reading.

Global Markets
The dollar index slumped over 1.5% to 108.75, the lowest since September 13 against a basket of major rivals. Gold prices rose 1.75%, hitting two-month highs at $1,737 an ounce on track for the largest weekly profit since February.

Most European stock rose to two-month highs while Wall Street stock futures rallied as well ahead of the official opening.​