Market Update - 18 November 2022

GBP/USD gains some positive traction on Friday amid subdued USD price action. A combination of factors limits the USD downside and keeps a lid on the major. A bleak outlook for the UK economy contributes to capping the British Pound. (FXStreet)

USD/CAD is seen oscillating in a narrow trading band on the last day of the week. Bearish Crude Oil prices undermine the Loonie and offer support to the major. Softer US bond yields keep the USD bulls on the defensive and cap the upside. (FXStreet)

The index fades Thursday’s uptick and remains near 106.50. US yields recede marginally following the recent recovery. Fedspeak, CB Leading Index, Existing Home Sales next on tap. The greenback, in terms of the USD Index (DXY), returns to the negative territory following Thursday’s decent advance. (FXStreet)

USD/JPY dashes two-day rebound but stays on the way to post first weekly gain in five. Japanese Yen benefits from the highest inflation number since 1982. United States 10-year Treasury yields fade recovery moves from six week low. US Dollar struggles to justify hawkish comments from Federal Reserve officials. (FXStreet)

EUR/USD struggles for clear directions, stays inside three-day-old symmetrical triangle. Bullish RSI divergence, sustained trading beyond two-week-old ascending trend line challenges sellers. Late June high probes upside moves before the highs marked in late June. (FXStreet)

AUD/USD catches fresh bids on Friday amid subdued USD demand, though lack follow-through. A softer risk tone continues to act as a tailwind for the greenback and caps gains for the major. China’s COVID-19 woes, geopolitical risks also act as a headwind for the risk-sensitive Aussie. (FXStreet)

USD/TRY picks up bids to 18.61 during the initial hour of Friday’s European session, on the way to snapping a two-week downtrend by the press time. It’s worth noting, however, that the options market data from Reuters challenge the Turkish Lira pair’s bullish performance. (FXStreet)

USD/INR remains on the front foot despite the latest inaction. Clear break of two-week-old descending trend line keeps buyers hopeful. Seven-week-long horizontal area restricts immediate upside, bears need validation from 80.45. (FXStreet)

Prices of the barrel of the WTI extended the leg lower on Thursday and revisited the $82.00 region, adding to Wednesday’s pullback. The move was accompanied by rising open interest and volume and leaves intact the prospect for extra decline in the very near term and with the immediate support at the key $80.00 mark per barrel. (FXStreet)

Prices of the natural gas rose for the fourth consecutive session on Thursday. The move was in tandem with another uptick in open interest, which is supportive of the continuation of the leg higher in the very near term. Against that, the commodity could be in course to revisit the key hurdle at the 200-day SMA, today near $6.85 per MMBtu. (FXStreet)

Gold price struggles to defend bulls despite snapping two-day downtrend. Mixed sentiment, sluggish yields challenge XAU/USD bears during the first negative week in three. Light calendar requires traders to keep their eyes on the risk catalysts for fresh impulse. (FXStreet)

Bitcoin prices are on track to end the week in the green after last weeks brutal sell-off resulted in 21.99% decline in value. With the November low setting a fresh yearly low, the dramatic shift in sentiment over the past 12 months highlights the changes in the fundamental backdrop. (DailyFX)

Ethereum is currently down roughly 1.5% (at the time of writing) as prices briefly did below $1200. As the 23.6% Fibonacci of the 2020 – 2021 move comes in as resistance at $1216.42, the October low holds as support at $1155. While price action hovers around the $1200 psych level, a retest of the daily low at $1182.2 could provide bears with more fuel to drive the second-largest digital asset lower. (DailyFX)

While its major crypto counterparts struggle to gain traction, Litecoin is trading 5% higher on the day as prices retest $60. A move higher could see prices rise to the 10 November high of $61.08 with a break above bringing the next zone of resistance into play at the November 11 high of $64.13. (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.