Here are the Top Market Analysis for the 10th of November, 2023.

Currencies (Forex – FX)

• EUR/USD: The EUR/USD is consolidating in a narrow range between 1.0664 and 1.0760, with a slight bearish bias. A break below 1.0664 could lead to a further decline to the next support level at 1.0607, while a break above 1.0760 could pave the way for a move to the next resistance level at 1.0830.
• USD/JPY: The USD/JPY is trading sideways in a range between 147.137 and 151.79. A break above 151.79 could lead to a further advance to the next resistance level at 154.347, while a break below 147.137 could open the door for a move to the next support level at 145.374.
• GBP/USD: The GBP/USD is trading in a mixed fashion, with no clear direction. A break above the resistance level at 1.1750 could lead to a further advance to the next resistance level at 1.1830, while a break below the support level at 1.1670 could result in a decline to the next support level at 1.1610.
• AUD/USD: The AUD/USD is trading with a bearish bias, with the next support level at 0.62698. A break below 0.62698 could lead to a further decline to the next support level at 0.6200.
• USD/CAD: The USD/CAD is trading in a consolidation phase, with the next resistance level at 1.3430 and the next support level at 1.3350. A break above 1.3430 could lead to a further advance to the next resistance level at 1.3510, while a break below 1.3350 could result in a decline to the next support level at 1.3270.

Metals

• Industrial Metals
  • Copper: Copper prices are trading higher today, above $3.75 per pound. Strong demand from the industrial sector is supporting copper prices.
  • Aluminum: Aluminum prices are trading lower today, below $2,000 per ton. Concerns about a global recession are weighing on aluminum prices.
  • Iron ore: Iron ore prices are trading lower today, below $100 per ton. Concerns about a global recession are also weighing on iron ore prices.
• Precious Metals
  • Gold: Gold prices are trading higher today, above $1,950 per ounce. Gold is a safe-haven asset, and investors are buying gold amid global economic uncertainty.
  • Silver: Silver prices are trading higher today, above $23 per ounce. Silver is a precious metal that is also used in industrial applications. Demand for silver is expected to remain strong in the long term.
• Other Metals
  • Platinum: Platinum prices are trading lower today, below $900 per ounce. Concerns about a global recession are weighing on platinum prices.
  • Palladium: Palladium prices are also trading lower today, below $1,800 per ounce. Concerns about a global recession are also weighing on palladium prices.

Commodities

• Energy
  • Oil: Oil prices are trading lower today, below $80 per barrel. Concerns about a global recession are weighing on oil prices.
  • Natural gas: Natural gas prices are trading lower today, below $3 per MMBtu. Concerns about a global recession are also weighing on natural gas prices.
• Agriculture
  • Corn: Corn prices are trading higher today, above $5 per bushel. Strong demand from the livestock sector is supporting corn prices.
  • Wheat: Wheat prices are trading higher today, above $6 per bushel. Strong demand from the food industry is supporting wheat prices.
  • Soybeans: Soybean prices are trading lower today, below $13 per bushel. Concerns about a global recession are weighing on soybean prices.
• Gold, Silver, Copper: Please check Metals category

Indices

• US Indices
• S&P 500 (SPX): Bullish trend, with resistance at 4400 and support at 4200.
• Dow Jones Industrial Average (DJIA): Bullish trend, with resistance at 34000 and support at 33000.
• Nasdaq Composite (IXIC): Bullish trend, with resistance at 14000 and support at 13500.
• International Indices
• DAX (Germany): Bullish trend, with resistance at 15000 and support at 14500.
• CAC 40 (France): Bullish trend, with resistance at 7200 and support at 7000.
• FTSE 100 (UK): Bullish trend, with resistance at 7800 and support at 7600.
• Nikkei 225 (Japan): Bullish trend, with resistance at 28000 and support at 27500.
• Hang Seng Index (Hong Kong): Bullish trend, with resistance at 20000 and support at 19500.

Cryptocurrencies

• Bitcoin: Bitcoin is trading above $35,000 today, after a strong rally in recent weeks. The cryptocurrency has been supported by a number of factors, including increased institutional adoption, a weakening US dollar, and positive news from the regulatory landscape.
• Ethereum: Ethereum is trading below $2,000 today, after a recent pullback. The cryptocurrency has been weighed down by concerns about the upcoming Ethereum merge and a weakening US dollar.
• Altcoins: Altcoins are a broad category of cryptocurrencies that are not Bitcoin or Ethereum. Some altcoins, such as Solana and Cardano, are trading higher today. Solana is a high-performance blockchain that is known for its low fees and fast transaction times. Cardano is a blockchain platform that is known for its smart contracts and its focus on sustainability.
• Other cryptocurrencies: Other cryptocurrencies that are trading higher today include Polkadot, Avalanche, and Polygon. These cryptocurrencies are all seen as having strong potential for long-term growth.

Current Factors Affecting the Markets and Events to Watch Out For

• Non Farm Payroll will be released today!
• The Federal Reserve is expected to raise interest rates by 75 basis points at its meeting next week, but investors are now looking ahead to the possibility of a slower pace of rate hikes in the future.
• Geopolitical tensions: Geopolitical tensions, such as the war in Ukraine, can also affect currency prices. Investors tend to sell currencies from countries that are involved in geopolitical conflicts, as they are seen as riskier investments.
• US-China trade war: The US-China trade war is still ongoing, and could continue to weigh on the global economy and the forex market.
• The Chinese government’s recent efforts to stimulate the economy
• Changes in investor sentiment
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.
• Regulatory uncertainty: The cryptocurrency industry is still facing a lot of regulatory uncertainty around the world. This uncertainty is also weighing on the market, as investors are hesitant to invest in assets that are not well-regulated.
• Positive news from the regulatory front: The US Securities and Exchange Commission (SEC) recently approved the first Bitcoin futures ETF, which could lead to increased institutional investment in Bitcoin.
• Strong on-chain metrics: On-chain metrics, such as the number of active addresses and the number of transactions, have been trending positively in recent weeks.
• Short covering: Some traders believe that the recent sell-off in the cryptocurrency market was overdone and that we are now seeing short covering.
• The weather.