Daily Market Outlook, November 10, 2022

Daily Market Outlook, November 10, 2022 “Crypto carnage contagion strikes global risk sentiment, the crypto space faces its own Lehman moment as FTX implodes from a $32 billion dollar enterprise to being valued at $1 all within 24hrs. Asian markets followed Wall Street's lead and leaked lower overnight ahead of today's critical US inflation data, sentiment in Asian markets was weighed down by a combination of concerns, rising China Covid cases and the mixed mid term election results in the US. Today traders will brace for a potential tape bomb from yet another hotter than expected inflation print, in recent releases the Core metric, excluding food and energy has surprised to the upside printing 40year highs in Spetemeber at 6.6%, markets expect another increase today to 6.7%, however, market watchers seem to coalesce around a potential decrease in the headline figure from last months eye watering 8.8%, analysts have pencilled in an 8.7% read for today, if this fails to materialise expect further declines in US markets to unfold, also worth keeping one eye on the wires for additional developments in the FTX drama as further information regarding exposure to the exchange collapse will also weigh on risk sentiment ...”Overnight HeadlinesBitcoin Price Hits Multi-Year Low, Analysts Expect Further Downside - CoinTelegraphBinance Walks Away From Deal To Acquire FTX - CoinDeskUS Justice Department Looking Into FTX Turmoil During SEC Probe - BBGWarnock, Walker Head To Potentially Decisive Senate Runoff - BBGGOP Still Poised To Capture Narrow House Majority - PoliticoDemocrats Hold On To Key Governorships - PoliticoBiden Intends To Run In 2024 With Announcement 'Early Next Year' - FTMidterm Election Results Boost Biden 2024 Hopes, Strategists Say - RTRSCovid Curbs Increased In China Factory Hub Guangzhou As Outbreak Balloons - BBGChina $131B Singles’ Day Faces Stagnation After Scandals - BBGChina Economic Tsar Public Message, Warning To Future Policymakers - SCMPChina Property Crisis Imperils $1.6T Of Local State Debt - BBGUS Dollar Advances Ahead Of Inflation Data - RTRSYen Speculators Bow To Japan’s Stealth Strategy As CPI Looms - BBGOil Falls For A Fourth Day As China Covid Concerns Grow - RTRSAlaska’s Pricey Crude Is Pushed Out Of China By Russian Oil - BBGGold Traders In Wait-And-Watch Mode Ahead Of US Inflation Data - RTRSTechnical & Trade ViewsSP500 Bias: Bullish Above Bearish Below 3750TechnicalsPrimary support is 3750Primary upside objective is 4118Next pattern confirmation, acceptance above 3920Failure below 3750 opens a test of 369420 Day VWAP bullish, 5 Day VWAP bullishEURUSD Bias: Bullish Above Bearish below .9950TechnicalsPrimary support is .9950Primary upside objective is 1.0284Next pattern confirmation, acceptance above 1.01Failure below .9900 opens a test of .980020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: 0.9800 (1.25BLN), 0.9815-25 (711M) 0.9850 (310M), 0.9860-70 (1.4BLN), 0.9900 (1.33BLN)0.9925-35 (448M), 0.9950-55 (1.15BLN)0.9990-00 (2.59BLN), 1.0015-25 (861M), 1.0055-60 (611M)1.0065-75 (705M), 1.0090-00 (1.85BLN)GBPUSD Bias: Bullish Above Bearish below 1.1260TechnicalsPrimary support is 1.1260Primary upside objective 1.20Next pattern confirmation, acceptance above 1.1650Failure below 1.1260 opens a test of 1.117020 Day VWAP bearish, 5 Day VWAP bearishToday’s New York Cut Option Expiries: 1.1400 (309M), 1.1450 (787M), 1.1600 (572M)EUR/GBP: 0.8725 (431M), 0.8750 (352M), 0.8790-00 (615M)USDJPY Bias: Bullish above Bearish Below 147TechnicalsPrimary resistance is 147Primary downside objective is 143.25Next pattern confirmation, acceptance below 145Acceptance above 147 opens a test of 147.7020 Day VWAP bearish, 5 Day VWAP bearishToday's New York Cut Option Expiries: 145.00 (1.02BLN), 146.00-05 (665M), 146.50 (381M)147.00 (1.36BLN), 147.50 (320M), 148.00 (480M)EUR/JPY: 145.00 (352M)AUDUSD Bias: Bullish Above Bearish below .6330TechnicalsPrimary support is .6330Primary upside objective is .6590Next pattern confirmation, acceptance above .6520Failure below .6330 opens a test of .627020 Day VWAP bullish, 5 Day VWAP bearishToday’s New York Cut Option Expiries: 0.6500 (651M), 0.6530 (229M), 0.6600 (375M)BTCUSD Bias: Intraday Bullish Above Bearish below 17800TechnicalsIntraday 17800 is primary resistancePrimary downside objective is 15000Next pattern confirmation, acceptance below 15500Acceptance above 18000 opens a test of 1900020 Day VWAP bearish, 5 Day VWAP bearish

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