Market Update - 16 November 2022

USD/JPY struggles to capitalize on its modest intraday gains amid renewed USD selling bias. Failures ahead of the 140.80-141.00 confluence support breakpoint favour bearish traders. Acceptance below the 61.8% Fibo. level should pave the way for further near-term losses. (FXStreet)

EUR/USD keeps the bid tone unchanged and surpasses 1.0400. ECB’s C.Lagarde is due to speak later in the European evening. US Retail Sales, Industrial Production will take centre stage on Wednesday. The European currency keeps smiling and now lifts EURUSD back above the key 1.0400 barrier on Wednesday. (FXStreet)

The index adds to Tuesday’s drop near the 106.00 region. Geopolitics-led risk aversion loses steam on Wednesday. Markets’ attention is expected to be on the release of US Retail Sales. The greenback, when gauged by the USD Index (DXY) remains on the defensive and trades close to the 106.00 neighbourhood midweek. (FXStreet)

EUR/GBP finds decent support ahead of the 0.8700 mark and regains positive traction on Wednesday. The recent range-bound price action constitutes the formation of a rectangle pattern on the daily chart. The technical setup favours bullish traders and supports prospects for an eventual break to the upside. (FXStreet)

GBP/JPY trims a part of its intraday gains despite stronger UK consumer inflation data. A modest recovery in the risk sentiment undermines the JPY and offers some support. Investors now look to the BoE’s Monetary Policy Report Hearings for a fresh impetus. (FXStreet)

GBP/USD ticks high on strong UK inflation prints for October. UK’s CPI jumps to 11.1% YoY, Core CPI reprints 6.5% figures. Recovery in market sentiment adds strength to the upside momentum ahead of US Retail Sales. (FXStreet)

USD/CAD fades bounce off 100-DMA, mildly offered of late. Improvement in market sentiment pushes back US Dollar buyers. Fears of softer demand weigh on oil prices ahead of EIA inventories. Risk catalysts should also be watched closely amid the recent swings in risk appetite. (FXStreet)

AUD/USD struggles for clear direction at the highest levels in two months. Mixed concerns over the rockets fired toward Poland, cautious mood ahead of the key data/events challenge momentum traders. US Retail Sales, Australia employment data will be closely observed for immediate directions. (FXStreet)

NZD/USD regains positive traction amid the emergence of fresh selling around the USD. A recovery in the equity markets weighs on the buck and benefits the risk-sensitive Kiwi. Geopolitical risks and China’s COVID-19 woes might cap any further gains for the major. (FXStreet)

USD/CHF struggles to defend buyers despite bouncing off seven-month low the previous day. Bearish chart pattern, pullback from 21-SMA favor sellers targeting fresh multi-month low. Two-week-old resistance line, 200-SMA acts as additional upside filters. (FXStreet)

Silver regains some traction and stalls the overnight pullback from a multi-month high. The emergence of fresh buying near the very important 200 DMA favours bullish traders. The lack of follow-through buying warrants caution before positioning for further gains. (FXStreet)

Prices of the natural gas added to the positive start of the week and advanced modestly on Tuesday amidst diminishing open interest and volume. Against that, the commodity is expected to keep the consolidative mood unchanged at least in the very near term. In the meantime, the 200-day SMA at $6.85 per MMBtu continues to cap the upside so far. (FXStreet)

Gold price is extending its pullback from a new three-month high of $1,787. But XAU/USD downside appears capped ahead of United States Retail Sales, FXStreet’s Dhwani Mehta reports. (FXStreet)

Tuesday’s uptick in prices of the WTI was on the back of declining open interest, which removes strength from the continuation of the rebound in the very near term. WTI prices could then challenge the weekly low at $82.10 (October 18). (FXStreet)

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.