Forex Market

Technical Review of Major Assets – November 2022

On the 1st of December, the first day of the last month of the year, it is time to take stock of the month of November. With two weeks to go before the last US monetary policy decision on the 14th of December, the least that can be said is that the markets have swayed between blissful optimism on the part of investors and the multiplication of reminders from central banks. However, the markets welcomed the words of Federal Reserve Chairman Jerome Powell extremely positively, as he hinted that the pace of rate hikes could be reduced, stating that “the pace of rate hikes could be moderated as early as the December meeting”, adding that the US central bank’s monetary policy was moving “closer to the level of restraint that will be sufficient to bring inflation down.”

According to Cmegroup, 79.40% of investors expect the Federal Reserve to slow the pace of rate hikes to 0.5% in December.

These remarks were highly anticipated by market participants, the FED chairman being surprisingly bullish, causing a strong reaction from the markets, the Dow Jones gained (+2.18%) to $34,589.77, the S&P500 (+3.09%) to $4,080.11. The Nasdaq was up (+4.41%) to $11,467.996 at the close, it’s a simple day to magnify the November balance sheet which is all of a sudden positive.

USDIndex (D1)

The USDindex fell by (-5.7%) during November. The price is currently at the level of $105.40 below the cloud of its KIJUN (Lv) and its Tenkan (Lj); the lagging span (Lb) is below the cloud and its consolidates clearly meaning that it is in a bearish momentum. This decline could lead the price to its lowest level at $105.26 if it is broken it could reach its support at the $104.33 level. On the other hand, if the price rises again, it could reach $107.62.

EURUSD (D1)

The EURUSD rose by (+5.39%) during November. The price is currently above its cloud, its KIJUN (Lv) and its Tenkan (Lj) at the level of 1.0460; the lagging span (Lb) is above its peers and the cloud clearly signifying a bullish momentum. 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 the parity (1.0000).

USDJPY (D1)

The USDJPY declined by (-7.07%) during the month of November. The price is currently at the level of 135.980 below the cloud of its KIJUN (Lv) and Tenkan (Lj); the lagging Span (Lb) is below the cloud and its sisters clearly meaning that it is in a bearish momentum, this retreat could lead the price to its lowest level at 134.888 if it is broken it could reach in its support at 132.916. On the other hand if the price goes up again it could reach 138.399.

GBPUSD (D1)

The GBPUSD rose by (+5.30%) during the month of November. The price is currently above its cloud, its KIJUN (Lv) and Tenkan (Lj) at the level of 1.2095; the lagging span (Lb) is above its peers and the cloud clearly signifying a bullish momentum. The price could reach 1.2299 and then 1.2410. Conversely, if the price resumes its downward trend, it could reach 1.2027 and then towards 1.1840.

US100 (D1)

The US100 rose (+5.69%) during November. The price is currently in its cloud, above its KIJUN (Lv) and Tenkan (Lj) at the level of 12018; the lagging span (Lb) is above its peers and below its cloud clearly signifying a moment of hesitation, the price could reach 12241.1 and then 122528. On the other hand, if the price starts to fall again, it could reach 111841.4 and then around 11348.3.

US500 (D1)

The US500 rose (+5.63%) during November. The price is currently above its cloud, its KIJUN (Lv) and Tenkan (Lj) at the level of 4078.8; the lagging span (Lb) is above its peers and the cloud clearly signifying a bullish moment, the price could reach 4106.3 and then 4161.5. On the other hand, if the price starts to fall again, it could reach 4023.9 and then around 3920.7.

 US30 (D1)

The US30 rose (+5.53%) during November. The price is currently above its cloud, its KIJUN (Lv) and its Tenkan (Lj) at the level of 34525.5; the lagging Span (Lb) is above its peers and the cloud clearly signifying a bullish moment, the price could reach 34853 and then 35030. On the other hand, if the price starts to fall again, it could reach 34066.6 and then around 33370.

USOil (D1)

The USOil has declined by (-7.09%) during November. The price is currently at the $82.00 level below its KIJUN cloud (Lv) but above its Tenkan (Lj); the lagging span (Lb) is below the cloud and its sisters meaning a moment of hesitation, the price could head towards its lowest level at $77.54 if it is broken it could reach its support at the level of $75.29. On the other hand, if the price rises again, it could reach $83.65.

XAUUSD (D1)

Gold rose (+8.51%) during the month and was the big winner in November. The price is currently above its cloud, its KIJUN (Lv) and its Tenkan (Lj) at the level of $1775.46; the lagging span (Lb) is above its peers and the cloud clearly signifying a bullish moment, the price could reach $1788.39 then $1805.81. On the other hand, if the price starts to fall again, it could reach $1762.03 and then around $1748.25.

 BTC (D1)

BTC was down (-16.27%) during the month and was the big loser in November. The price is currently at the $17048 level 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. This pullback could lead the price to its lowest level at $15345, if it is broken, it could then reach its support at the $13914 level. On the other hand, if the price goes up again, it could reach $18358.

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Kader Djellouli

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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