Here are the Top Market Analysis for the 13th of November, 2023.

Currencies (Forex – FX)

• EUR/USD:
  • Resistance: 1.0720, 1.0760, 1.0800
  • Support: 1.0664, 1.0607, 1.0550
• USD/JPY:
  • Resistance: 152.00, 155.00, 158.00
  • Support: 147.137, 146.00, 145.00
• GBP/USD:
  • Resistance: 1.1950, 1.2050, 1.2150
  • Support: 1.1800, 1.1700, 1.1600
• AUD/USD:
  • Resistance: 0.63225, 0.64250, 0.65275
  • Support: 0.62698, 0.6150, 0.6050
• USD/CAD:
  • Resistance: 1.3450, 1.3550, 1.3650
  • Support: 1.3300, 1.3200, 1.3100

Commodities

• Energy
  • Oil: prices are expected to trade sideways on November 15, 2023, as investors weigh the risks of a global recession against concerns about supply disruptions. The ongoing Russia-Ukraine conflict and OPEC+ production cuts are supporting oil prices, but concerns about a global recession are weighing on demand. Support at $77.00, $75.00; resistance at $80.00, $82.00
  • Natural gas: prices are expected to remain volatile in the near term as investors weigh the risks of a cold winter in the Northern Hemisphere against the possibility of increased production from the United States. Support at $3.10, $3.00; resistance at $3.30, $3.40
• Agriculture
  • Corn: prices are expected to remain supported by concerns about tight global supplies. The ongoing Russia-Ukraine conflict and adverse weather conditions have disrupted global grain production, which has led to higher prices. Support at $6.80, $6.60; resistance at $7.00, $7.20
  • Soybean: prices are expected to trade mixed on November 15, 2023. Soybean prices are supported by strong demand from China, but they are facing headwinds from a slowdown in the global economy. Support at $13.80, $13.60; resistance at $14.00, $14.20
  • Wheat: prices are expected to trade sideways on November 15, 2023, as investors weigh the risks of a global recession against concerns about supply disruptions. The ongoing Russia-Ukraine conflict and the drought in the United States are supporting wheat prices. However, concerns about a global recession are weighing on wheat prices, as a recession would lead to a decline in demand for wheat. Support at $8.20, $8.00; resistance at $8.40, $8.60
  • Cotton: Support at 105.00, 100.00; resistance at 110.00, 115.00
  • Coffee: Support at 170.00, 165.00; resistance at 175.00, 180.00
• Gold, Silver, Copper: Please check Metals category

Indices

• Major US Indices
  • S&P 500: The S&P 500 is trading higher today, above 4300 points. Strong earnings from major US companies are supporting the S&P 500.
  • Dow Jones Industrial Average: The Dow Jones Industrial Average is also trading higher today, above 34,000 points. Strong earnings from major US companies are also supporting the Dow Jones Industrial Average.
  • Nasdaq Composite: The Nasdaq Composite is trading lower today, below 13000 points. Concerns about rising interest rates are weighing on the Nasdaq Composite.
• Major European Indices
  • DAX: The DAX is trading higher today, above 15000 points. Strong economic data from Germany is supporting the DAX.
  • CAC 40: The CAC 40 is also trading higher today, above 7000 points. Strong economic data from France is also supporting the CAC 40.
  • FTSE 100: The FTSE 100 is trading lower today, below 7,600 points. Concerns about a recession in the UK are weighing on the FTSE 100.
• Asian Indices
  • Nikkei 225: The Nikkei 225 is trading higher today, above 32,000 points. Strong earnings from major Japanese companies are supporting the Nikkei 225.
  • Shanghai Composite Index: The Shanghai Composite Index is trading higher today, above 3,000 points. Strong economic data from China is also supporting the Shanghai Composite Index.

Cryptocurrencies

• Bitcoin: Bitcoin is expected to trade sideways on November 15, 2023, as investors await the outcome of the upcoming US Consumer Price Index (CPI) data release. If the CPI data shows that inflation is cooling, it could support Bitcoin prices. However, if inflation remains high, it could weigh on Bitcoin prices as it raises the risk of more aggressive interest rate hikes from the Federal Reserve. Support at $35,000, $34,000; resistance at $36,000, $37,000
• Ethereum: Ethereum is expected to track Bitcoin prices on November 15, 2023. Ethereum is often seen as a more volatile alternative to Bitcoin, and it tends to amplify the moves in Bitcoin prices. Support at $2,000, $1,900; resistance at $2,100, $2,200
• Altcoins: Altcoins are expected to trade mixed on November 15, 2023. Some altcoins, such as Solana and Avalanche, are expected to outperform the broader cryptocurrency market as they benefit from the growing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs).
  • Solana: Support at $30.00, $28.00; resistance at $32.00, $34.00
  • Avalanche: Support at $18.00, $17.00; resistance at $19.00, $20.00
• Other altcoins: such as Dogecoin and Shiba Inu, are expected to underperform the broader cryptocurrency market as they are seen as more speculative investments.
  • Dogecoin: Support at $0.0700, $0.0650; resistance at $0.0750, $0.0800
  • Shiba Inu: Support at $0.000012, $0.000011; resistance at $0.000013, $0.000014

Current Factors Affecting the Markets and Events to Watch Out For

• United States: Consumer price index (CPI) on November 10, producer price index (PPI) on November 15, retail sales on November 16.
• China: Industrial production and retail sales on November 15
• The Federal Reserve is expected to raise interest rates by 75 basis points at its meeting this 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.