Daily Market Outlook, November 23, 2022

Daily Market Outlook, November 23, 2022 Overnight Asian markets staged a rebound taking their lead from a positive session on Wall Street, albeit on very low volumes, a pullback in the Dollar and US yields supported sentiment ahead of the Thanksgiving holiday. Investors continue to keep one eye on the China Covid headlines, with major regions reintroducing mass testing to access public venues within the coming days. The Reserve Bank of New Zealand lifted rates by 75 bps stating that further tightening is likely, keeping the global rate story firmly on investors' radars. In the US Fed. The Crypto carnage continues to attract market attention as the New York Times reports that beleaguered lender Genesis, has now formally retained restructuring advisors to explore all options including bankruptcy,For the day ahead: November flash PMI data will be the main focus in the UK and Europe. Market watchers expect UK manufacturing and Services data to show continued contraction. The deceleration in activity suggests a contraction in Q4 GDP which would confirm a technical recession in the UK. In the Eurozone, PMI’s are also likely to remain in contraction given the loss of demand and general economic malaise, this would imply a Q4 GDP decline for the first time since 2021. The US data slate is heavy ahead of the holidays, first up will be US PMI’s which are set to remain below the all important 50 level confirming contraction. Durable goods data, new home sales and University of Michigan sentiment will also be released, but. The main event will be the FOMC meeting minutes. The FOMC raised rates by a further 75 bps at its November meeting, the key question for markets is will the committee slow the rate of hikes and where could rates peak in 2023, with markets betting on a slower increase at the December meeting.Overnight HeadlinesNew Zealand Steps Up Inflation Fight With Record Rate HikeRBNZ Warns Of Growing Wage Pressures Amid Rate Hikes, InflationAsia Shares Gain Despite Chinese Covid Case Numbers RisingNZ’s Robertson Says Economy Faces ‘Significant Challenges’Australian Private Sector Output Contracts Faster In NovemberChina Tightens Covid Restrictions In Big Cities As Cases ClimbChina Should Use Targeted Moves In Covid Control - Economic DailyChina Buys Fewer Chip-Making Machines As US Restrictions StartFed’s Mester Says Inflation Key Focus, George Weighing SavingsBank Of Canada Says Financial System To Weather Rate Hike RisksOil Steadies As Traders Look To Price-Cap Plan, Demand In ChinaAPI Reports US Crude Stockpiles Decreased 4.8M Bbl Last WeekU.S: G7 Should Soon Unveil Cap Level On Russian Oil, Adjust RegularlyGoldman Sees 10-Year Treasury Yield Of 4% Or More Through 2024Chinese Brokerages See Stock Market Rebound In H1 2023 - Sec NewsViolent Protests Erupt At Apple's Main iPhone Plant In Zhengzhou ChinaHP Plans Layoffs With PC Demand Slump Stretching Into Next YearTechnical & Trade ViewsSP500 Bias: Bullish Above Bearish Below 3950TechnicalsPrimary support is 3950Primary upside objective is 4120Next pattern confirmation, acceptance above 4050Failure below 3900 opens a test of 388020 Day VWAP bullish, 5 Day VWAP bullishEURUSD Bias: Bullish Above Bearish below 1.0230TechnicalsPrimary support is 1.0230Primary upside objective is 1.0620Next pattern confirmation, acceptance above 1.04Failure below 1.0230 opens a test of 1.018020 Day VWAP bullish, 5 Day VWAP bearishToday’s New York Cut Option Expiries: 1.0050-55 (1.4BLN), 1.0060 (408M)1.0085 (247M), 1.0280 (853M), 1.0300-10 (1.94BLN)1.0315-20 (344M), 1.0330 (236M), 1.0350-55 (904M)1.0395-05 (809M), 1.0475 (276M)GBPUSD Bias: Bullish Above Bearish below 1.1730TechnicalsPrimary support is 1.1730Primary upside objective 1.2050Next pattern confirmation, acceptance above 1.1970Failure below 1.17 opens a test of 1.164020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: GBP/USD: 1.1800 (303M), 1.1850-55 (341M)EUR/GBP: 0.8725 (358M), 0.8750 (315M), 0.8775 (376MUSDJPY Bias: Bullish above Bearish Below 143TechnicalsPrimary resistance is 143Primary downside objective is 136Next pattern confirmation, acceptance below 138Acceptance above 143.30 opens a test of 14520 Day VWAP bearish, 5 Day VWAP bullishToday's New York Cut Option Expiries: 140.00 (900M), 141.25-30 (371M), 141.40-45 (225M) 141.75-85 (873M), 142.00 (491M), 142.50 220M)AUDUSD Bias: Bullish Above Bearish below .6560TechnicalsPrimary support is .6560Primary upside objective is .6900Next pattern confirmation, acceptance above .6775Failure below .6560 opens a test of .650820 Day VWAP bullish, 5 Day VWAP bearishToday’s New York Cut Option Expiries: 0.6600 (342M), 0.6700 (226M)BTCUSD Bias: Intraday Bullish Above Bearish below 16600TechnicalsIntraday 16600 is primary resistancePrimary downside objective is 15000Next pattern confirmation, acceptance below 15500Acceptance above 16700 opens a test of 1710020 Day VWAP bearish, 5 Day VWAP bearish

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