Market Update - 24 November 2022

GBP/USD kicks off the week on the wrong footing amid resurgent US Dollar demand. Risk aversion weighs negatively on the Pound Sterling ahead of BoE-speak. GBP/USD buyers stay hopeful amid bullish RSI, eyes on 1.2128 rising wedge hurdle. (FXStreet)

The index adds to the weekly pullback and breaches 106.00. US markets will be closed due to the Thanksgiving Day holiday. The dollar remains depressed following FOMC Minutes The greenback loses ground for the third session in a row and breaks below the 106.00 support when gauged by the USD Index (DXY). (FXStreet)

USD/JPY remains pressured around weekly low, down for the third consecutive day. Mixed data from Japan, absence of bond traders failed to stop bears amid broad-based US Dollar weakness. Concerns surrounding Fed’s next move, China underpin cautious optimism, weigh on the USD. (FXStreet)

EUR/USD extends 200-DMA breakout towards the monthly high. Concerns surrounding China, Fed underpin market’s firmer sentiment. Cautious optimism, softer US Dollar favor three-day winning streak. Germany’s IFO Sentiment figure, ECB Monetary Policy Meeting Accounts eyed for clear directions. (FXStreet)

USD/CAD holds lower ground nearly weekly bottom, eyes further downside. U-turn from 21-DMA, support-turned-resistance line from August favor sellers. 100-DMA, 61.8% Fibonacci retracement level lure the bears. USD/CAD prints a three-day downtrend as it refreshes the weekly low around 1.3330 heading into Thursday’s European session. (FXStreet)

GBP/USD cheers broad US Dollar weakness to refresh multi-day top. Brexit pessimism, mixed UK PMIs probe upside momentum during Thanksgiving holiday in the United States. Fed Minutes propelled pivot talks and joined downbeat US statistics to weigh on the USD. (FXStreet)

USD/TRY remains pressured around 18.60, down for the third consecutive day, as traders prepare for the Interest Rate Decision from the Central Bank of the Republic of Turkiye (CBRT). That said, the Turkish central bank is likely to keep diverging from its global counterparts, despite strong inflation, as market consensus suggests a third consecutive rate cut to 9.0%, from 10.5% current level. (FXStreet)

NZD/USD has surpassed the crucial hurdle of 0.6250 amid solid risk-on impulse. Federal Reserve policymakers are supporting the interest rate hike slowdown regime to reduce financial risks. The Reserve Bank of New Zealand sees the interest rate peak at 5.5%. NZD/USD is aiming to smash the round-level resistance of 0.6300 as RBNZ-Fed policy divergence has widened. (FXStreet)

USD/CHF extends week-start pullback towards the monthly low. Three-month-old horizontal area challenges sellers amid oversold RSI, 200-DMA restricts buyer’s entry. 61.8% and 78.6% Fibonacci retracement levels act as additional trading filters. (FXStreet)

USD/INR holds lower ground near intraday bottom after two-day downtrend. Clear break of two-week-old ascending trend line favors intraday sellers to aim for 50-SMA. 200-SMA acts as an extra filter towards the north. (FXStreet)

AUD/USD is inching strongly towards the crucial hurdle of 0.6800 as US Dollar is facing immense selling pressure. The US Dollar is exposed to test a three-month low at 105.34 amid a risk appetite theme. Economists at ANZ Bank believe that the sell-off in US Dollar is exaggerated as current inflation is well above 2% target. (FXStreet)

Prices of the WTI dropped strongly and breached the key $80.00 mark per barrel on Wednesday. The sharp pullback was reinforced by increasing open interest and volume and signals that further weakness lies ahead in the very near term. That said, the WTI could slip back and revisit the YTD low at $74.30 (January 3). (FXStreet)

Wednesday’s strong advance in prices of natural gas reached multi-week highs around $7.60. The move was against the backdrop of increasing open interest and volume, indicative that the rally remains well and sound for the time being. That said, the next hurdle for the commodity is seen at the $8.00 mark per MMBtu in the very near term. (FXStreet)

Source: FXStreet, DailyFX

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