Forex Market

Ichimoku Technical Market Analysis – 23 November 2022

Yesterday the equity markets ended the session higher, with gains in different sectors such as basic materials, oil and gas, and tech contributing to the move. The NASDAQ and  S&P500 both closed up 1.36% and the Dow Jones was up 1.18%. The Volatility Index (VIX), which measures the volatility of the S&P500, fell 4.79% to 21.29, a new 3-month low. This return to optimism caused the safe haven Dollar to fall, with the USDIndex losing 0.63% to 107.05.

Today, market participants are looking forward to the release of the Fed meeting minutes. Investors are expecting another 0.5 basis point interest rate hike in December. The US central bank has raised rates by 0.75 basis points four times in a row, a historic first! If this monetary policy is adopted at the last meeting in December, it would be seen as a positive signal for the markets, which have feared that the Fed would go too far and lead to a recession.

source: cmegroup

USDIndex, Daily

The USDIndex is currently trading at 106.79, below its Kijun (Lv) and Tenkan (Lj) clouds; the lagging span (Lb) is below the clouds and below its peers, which clearly means that it is in a bearish momentum. On the other hand, if the price goes back up it could reach 107.67 and then the Kijun at 109.50.

USA100, Daily

The US100 is currently in its cloud at 11,716, between its Kijun (Lv) and Tenkan (Lj); the lagging span (Lb) is below its peers but below the cloud signifying a hesitant momentum. If a bullish move takes place, the price could reach 11,840 and then 12,088. On the other hand, if the price goes back down, it could reach 11,355 and then 11,057.

US500, Daily

The US500 is currently above its cloud, its Kijun (Lv) and its Tenkan (Lj) at the level of 4,011; the lagging span (Lb) is below its peers but below the cloud signifying a moment of hesitation. If a bullish move takes place, the price could reach 4,050 and then 4,106. On the other hand, if the price starts to fall again, it could reach 3,923 and then 3,857.

US30, Daily

The US30 is currently above its cloud, its Kijun (Lv) and Tenkan (Lj) at the level of 34,128; the lagging span (Lb) is above its peers and the cloud clearly signifying a bullish moment; the price could reach 34,288 then 34,589. On the other hand, if the price goes back down, it could reach 33,972 and then 33,364.

EURUSD, Daily

The EURUSD is currently above its cloud, its Kijun (Lv) and its Tenkan (Lj) at the level of 1.0323; the lagging span (Lb) is above the cloud and clearly signifies a bullish moment; the price could reach 1.0485 then 1.0571. On the other hand, if the price starts to fall again, it could reach 1.0162 and then head towards parity (1.0000).

USDJPY, Daily

The USDJPY is currently in its cloud at 141.34; between its Kijun (Lv) and Tenkan (Lj); the lagging span (Lb) is below its peers but above the cloud signifying a hesitant momentum. If a bullish move occurs, the price could reach 143.50 and then 144.80 at the Kijun level. On the other hand if the price starts to fall again it could reach 140.80 and then 138.30.

GBPUSD, Daily

The GBPUSD is currently above its cloud, its Kijun (Lv) and its Tenkan (Lj) at the level of 1.1888; the lagging Span (Lb) is above its peers and the cloud clearly signifying a bullish moment. The price could reach a double resistance at the level of 1.2000 and 1.2027. On the other hand, if the price starts to fall again, it could reach 1.8360 and then the Kijun level at 1.1543.

USOIL, Daily

The USOIL price is currently at the level of $81.60 below its cloud, its Kijun (Lv) and its Tenkan (Lj); the lagging Span (Lb) is below the cloud and its peers clearly meaning that it is in a bearish momentum. This decline could lead the price to its lowest level at $77.50 if it is broken, and it could then reach its support level of $75.27. On the other hand, if the price rises again it could reach a double resistance at the level of $84.50-$84.90.

XAUUSD, Daily

The price of XAUUSD is currently above its cloud, between its Kijun (Lv) and Tenkan (Lj) at the $1738 level; the lagging Span (Lb) is above its peers but also in the cloud meaning a hesitant momentum. If a bullish move takes place, the price could reach $1748 and then $1762. On the other hand, if the price goes back down, it could reach $1701 and then $1675.

BTCUSD, Daily

The BTCUSD price is currently at the $16,528 level below its Kijun (Lv) and Tenkan (Lj) clouds; the lagging Span (Lb) is below the cloud and its peers meaning clearly that it is in a bearish momentum. This pullback could lead the price to its lowest level at $15,428 if it is broken, and it could then reach its support at the $14,000 level. On the other hand, if the price goes up again, it could reach $18,354.

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Kader Djellouli

Market Analyst

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