Daily Market Outlook, November 11, 2022

Daily Market Outlook, November 11, 2022 “Asian markets surged higher overnight, taking their lead from mammoth gains in US markets, with US equity markets adding three trillion dollars of value as US inflation softened. US CPI came in at 7.7% down from the prior print of 8.2%, with the core metric (excluding energy & food) coming in at 6.3% down from 6.6%. The softer data saw a ‘bad news, good news’ response from markets,, risk appetite abounded as markets viewed the data as giving cover to the FOMC to slow the rate of rate hikes and potentially lower the terminal rate, the Dollar dived, with the Yen advancing the most in a single session since 1998 as US yields collapsed. Fed speakers struck a cautious tone yesterday, maintaining their mantra of rate rises required to stem inflation risks. Market focus shifts to the University of Michigan consumer sentiment release due this afternoon, sentiment reached a six year high last month, supported by a robust labour market coupled with lower gasoline prices in the US also adding fuel to confidence, recent rises in gasoline prices may hamper expectations for today's print, with market watchers looking for a small pullback from the 59.9 last month to an anticipated 59.5 today...”Overnight HeadlinesSP500 & Nasdaq Add $3 Trillion In Value In A Single Day As Inflation Cools - RTRSDollar Dives As Investors Cheer After US Inflation Misses Forecasts - RTRSWeakening Yen Trend May Be History As CPI Print Slams Dollar - BBGFTX Looks For $9.4 Bln In Rescue Funds From Investors, Rivals - RTRSFTX's US Crypto Exchange: Trading May Be Halted In A Few Days - BBGFTX’s Assets Frozen By Bahamas Securities Regulator - BBGChina Eases Quarantine Rules, Flight Bans In Covid Zero Pivot - BBGChina Year-End Export Bounce In Doubt As Global Demand Falters - RTRSChina’s Bank Loans Lowest Since 2017 As Economy Slows - BBGChina May Inject Cash Soon As $139-Billion Maturity Wall Looms - BBGInflation Report Leaves Fed On Track For 0.5-Point Rate Rise In December - WSJFed’s Mester Sees Larger Policy Risks From Too Little Tightening - BBGFed's George Calls For 'More Measured' Pace Of Rate Hikes - RTRSBiden Seeks To Build 'Floor' For China Relations In Xi Meeting - RTRSUK PM Sunak ‘Confident’ Of Fixing Post-Brexit Deal In N. Ireland - BBGRishi Sunak Considers ‘Growth Visas’ To Bring In Skilled Workers - TelegraphOil Crawls Higher On US Hopes, But COVID Rise In China Caps Gains - RTRSGold Eyes Best Week Since March On Hopes Of Less Aggressive Fed - RTRSTechnical & Trade ViewsSP500 Bias: Bullish Above Bearish Below 3925TechnicalsPrimary support is 3925Primary upside objective is 4120Next pattern confirmation, acceptance above 4050Failure below 3915 opens a test of 386020 Day VWAP bullish, 5 Day VWAP bullishEURUSD Bias: Bullish Above Bearish below 1.0150TechnicalsPrimary support is 1.0150Primary upside objective is 1.0284Next pattern confirmation, acceptance above 1.02Failure below 1.0150 opens a test of 1.009020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: 1.0000 (1.87BLN), 1.0035 (499M), 1.0050-60 (1.1BLN) 1.0065 (303M), 1.0150 (331M), 1.0200 (609M)1.0240-50 (2.34BLN)GBPUSD Bias: Bullish Above Bearish below 1.1640TechnicalsPrimary support is 1.1640Primary upside objective 1.20Next pattern confirmation, acceptance above 1.18Failure below 1.1620 opens a test of 1.157020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: 1.1600 (603M), 1.1850 (303M)EUR/GBP: 0.8700 (319M), 0.8700 (349M), 0.8800 (330M)USDJPY Bias: Bullish above Bearish Below 143.25143.25 Target Achieved, New Pattern EmergingTechnicalsPrimary resistance is 143.25Primary downside objective is 139.25Next pattern confirmation, acceptance below 140Acceptance above 143.85 opens a test of 14520 Day VWAP bearish, 5 Day VWAP bearishToday's New York Cut Option Expiries: 141.40 (315M), 141.75 (284M), 144.40-40 (550M)AUDUSD Bias: Bullish Above Bearish below .6550.6590 Target Achieved, New Pattern EmergingTechnicalsPrimary support is .6550Primary upside objective is .6720Next pattern confirmation, acceptance above .6660Failure below .6520 opens a test of .646020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: 0.6475 (624M), 0.6575 (805M), 0.6600 (303M)USD/CAD: 1.3620 (1.07BLN)BTCUSD Bias: Intraday Bullish Above Bearish below 16800TechnicalsIntraday 16800 is primary supportPrimary upside objective is 19300Next pattern confirmation, acceptance above 18300Failure below 16800 opens a test of 1550020 Day VWAP bearish, 5 Day VWAP bearish

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