Market Update - 15 November 2022

EUR/USD regains the upside and surpasses 1.0400 on Tuesday. The dollar plummets to new 3-month lows near 106.00. ECB’s Villeroy opened the door to more flexible rate hikes. The rapid drop in the dollar allows EURUSD to climb to fresh 4-month peaks past 1.0400 on turnaround Tuesday. (FXStreet)

GBP/USD refreshes intraday high around the 11-week top after the mixed British jobs report. UK’s Claimant Count Change offered a positive surprise but Unemployment Rate increased. US Dollar’s retreat amid sluggish markets also underpins recovery moves. Risk catalysts could entertain intraday traders ahead of the US PPI. (FXStreet)

USD/CAD comes under some renewed selling pressure on Tuesday amid modest USD weakness. Bearish crude oil prices might undermine the Loonie and help limit the downside for the major. Investors now look to the US macro data and speeches by FOMC members for a fresh impetus. (FXStreet)

USD/JPY picks up bids to extend the week-start rebound from 2.5-month low. Clear break of 50-HMA, two-day-old descending trend line keeps buyers hopeful. Confluence of 100-HMA, Friday’s peak tests further upside momentum. (FXStreet)

US Dollar Index stays defensive after the previous day’s rebound from a three-month low. Fed policymakers highlight pivot talks, inflation concerns to favor the DXY. China data dump and risk catalysts are essential for clear directions. Buyers could cheer hopes of firmer rate hike, indecision over inflation concerns ahead of the key US statistics. (FXStreet)

USD/CHF slides back closer to the YTD low amid the emergence of fresh USD selling. Bets for less aggressive Fed rate hikes, sliding US bond yields weigh on the greenback. A positive risk tone could undermine the safe-haven CHF and help limit the downside. (FXStreet)

AUD/USD rallies to over a two-month high amid the emergence of fresh USD selling. Bets for less aggressive Fed rate hikes and the risk-on mood undermines the buck. A sustained strength beyond the 100-day SMA supports prospects for further gains. (FXStreet)

USD/INR takes the bids to refresh intraday high and extends the week-start run-up. India’s retail inflation dropped to three-month low in October. US Dollar traces yields to defend recovery from three-month low. US PPI, risk catalysts eyed for fresh impulse ahead of the key US Retail Sales. (FXStreet)

A recovery in positive market sentiment has underpinned the Kiwi bulls. The asset has built an auction profile above the breakout area of the Rising Channel formation. A bullish range shift by the RSI (14) adds to the upside filters. The NZD/USD pair has refreshed its day’s high at 0.6119 as the risk-on impulse has regained traction. A smart recovery in the S&P500 futures after selling pressure on Monday has infused fresh blood into the risk-perceived assets. (FXStreet)

Prices of natural gas printed decent gains on Monday. The uptick, however, was accompanied by dwindling open interest and volume, which removes some strength from the continuation of the uptrend. Against that, the commodity could likely face extra range bound trading for the time being. Occasional bullish moves, in the meantime, remain capped by the 200-day SMA near the $6.85 per MMBtu. (FXStreet)

WTI pares the biggest daily loss in seven weeks, prints mild gains of late. Convergence of 50% Fibonacci retracement level, monthly support line restricts immediate downside. Bearish MACD signals and sustained trading below 200-SMA favor sellers. Buyers need validation from $88.10 to retake control. (FXStreet)

Gold price is displaying lackluster performance above the critical hurdle of $1,770.00. The DXY has turned sideways as the focus has shifted to the US Retail Sales data. A situation of decline in inflation along with a significant rise in retail sales indicates robust retail demand. (FXStreet)

Silver price retreats from five-month high but stays beyond the key resistance, now support. Overbought RSI suggests further pullback but bears should wait for $21.45 breakdown for clarity. An eight-month-old resistance line appears the key hurdle for XAG/USD buyers to tackle. (FXStreet)

BTC/USD has pulled back from the top end of an upward-sloping channel from September, coinciding with the 89-day moving average. This isn’t surprising given the rebounds in August and September were capped by the moving average. In the process, however, BTC/USD has not only broken below support at the 3 November low of 20040, but it has also fallen below the June low. (DailyFX)

Source: FXStreet, DailyFX

Disclaimer: The above information are provided as a general market information for educational purpose only, and do not constitute investment advice. Traders and Investors are encouraged to do their own analysis instead of blindly following any Trading calls raised by various parties on the Internet.