Here are the Top Market Analysis for the 17th of November, 2023.

Currencies (Forex – FX)

• EUR/USD: The EUR/USD is currently trading at 1.0872, up 0.2% on the day. The pair has been consolidating in a range between 1.0760 and 1.0943 for the past few weeks. A break above 1.0943 could open the way to a move towards 1.1000. Conversely, a break below 1.0760 could send the pair lower to 1.0600. The Relative Strength Index (RSI) is at 52.25, indicating that the pair is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) is below the signal line, indicating that the downtrend is still in place. Support: 1.0760, 1.0600 Resistance: 1.0943, 1.1000 The EUR/USD is currently in a neutral bias. A break above or below the current range will determine the direction of the pair.
• USD/JPY: The USD/JPY is currently trading at 146.85, down 0.1% on the day. The pair has been trading in a choppy range for the past few weeks. A break above 147.50 could open the way to a move towards 148.00. Conversely, a break below 146.00 could send the pair lower to 145.00. The RSI is at 45.00, indicating that the pair is oversold. The MACD is below the signal line, indicating that the downtrend is still in place. Support: 146.00, 145.00 Resistance: 147.50, 148.00 The USD/JPY is currently in a neutral bias. A break above or below the current range will determine the direction of the pair.
• GBP/USD: The GBP/USD is currently trading at 1.2488, down 0.2% on the day. The pair has been trading in a range between 1.2300 and 1.2600 for the past few weeks. A break above 1.2600 could open the way to a move towards 1.2700. Conversely, a break below 1.2300 could send the pair lower to 1.2200. The RSI is at 47.50, indicating that the pair is oversold. The MACD is below the signal line, indicating that the downtrend is still in place. Support: 1.2300, 1.2200 Resistance: 1.2600, 1.2700 The GBP/USD is currently in a neutral bias. A break above or below the current range will determine the direction of the pair.
• AUD/USD: The AUD/USD is currently trading at 0.6980, down 0.3% on the day. The pair has been trading in a range between 0.6800 and 0.7100 for the past few weeks. A break above 0.7100 could open the way to a move towards 0.7200. Conversely, a break below 0.6800 could send the pair lower to 0.6700. The RSI is at 42.50, indicating that the pair is oversold. The MACD is below the signal line, indicating that the downtrend is still in place. Support: 0.6800, 0.6700 Resistance: 0.7100, 0.7200 The AUD/USD is currently in a neutral bias. A break above or below the current range will determine the direction of the pair.

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. Copper prices are trading above their 20-day, 50-day, and 200-day moving averages. The MACD indicator is showing a bullish crossover. This suggests that copper prices could continue to trend higher in the near term.
  • Aluminum: Aluminum prices are trading lower today, below $2,000 per ton. Concerns about a global recession are weighing on aluminum prices. Aluminum prices are trading below their 20-day, 50-day, and 200-day moving averages. The MACD indicator is showing a bearish crossover. This suggests that aluminum prices could continue to trend lower in the near term.
  • 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. Iron ore prices are trading below their 20-day, 50-day, and 200-day moving averages. The MACD indicator is showing a bearish crossover. This suggests that iron ore prices could continue to trend lower in the near term.
• Precious Metals
  • Gold: Gold prices are trading higher today, above $1,970 per ounce. Gold is a safe-haven asset, and investors are buying gold amid global economic uncertainty. Gold prices are trading above their 20-day, 50-day, and 200-day moving averages. The MACD indicator is showing a bullish crossover. This suggests that gold prices could continue to trend higher in the near term.
  • Silver: Silver prices are trading higher today, above $23.50 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. The MACD indicator is showing a bullish crossover. This suggests that silver prices could continue to trend higher in the near term.

Commodities

• Energy
  • Oil: Oil prices are trading lower today, below $79 per barrel. Concerns about a global recession and rising supply from OPEC+ are weighing on oil prices.
  • Natural gas: Natural gas prices are trading lower today, below $2.90 per MMBtu. Concerns about a global recession and mild winter weather forecasts are weighing on natural gas prices.
• Agriculture
  • Corn: Corn prices are trading higher today, above $5.10 per bushel. Strong demand from the livestock sector and concerns about reduced crop yields in South America are supporting corn prices.
  • Wheat: Wheat prices are trading higher today, above $6.20 per bushel. Strong demand from the food industry and concerns about reduced crop yields in Ukraine and Russia are supporting wheat prices.
  • Soybeans: Soybean prices are trading lower today, below $12.80 per bushel. Concerns about a global recession and increased competition from other vegetable oils are weighing on soybean prices.
• Gold, Silver, Copper: Please check Metals category

Indices

• Major US Indices
  • S&P 500: The S&P 500 is likely to trade higher today, supported by strong earnings from major US companies.
  • Dow Jones Industrial Average: The Dow Jones Industrial Average is also likely to trade higher today, supported by strong earnings from major US companies.
  • Nasdaq Composite: The Nasdaq Composite is likely to trade lower today, weighed down by concerns about rising interest rates.
• Major European Indices
  • DAX: The DAX is likely to trade higher today, supported by strong economic data from Germany.
  • CAC 40: The CAC 40 is also likely to trade higher today, supported by strong economic data from France.
  • FTSE 100: The FTSE 100 is likely to trade lower today, weighed down by concerns about a recession in the UK.
• Asian Indices
  • Nikkei 225: The Nikkei 225 is likely to trade higher today, supported by strong earnings from major Japanese companies.
  • Hang Seng Index: The Hang Seng Index is also likely to trade higher today, supported by strong economic data from China.
  • Shanghai Composite Index: The Shanghai Composite Index is likely to trade higher today, supported by strong economic data from China.

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. Bitcoin is trading above its 20-day, 50-day, and 200-day moving averages. The MACD indicator is showing a bullish crossover. This suggests that Bitcoin could continue to trend higher in the near term.
• 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. Ethereum is trading below its 20-day, 50-day, and 200-day moving averages. The MACD indicator is showing a bearish crossover. This suggests that Ethereum could continue to trend lower in the near term.
• 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

• NFP will be released today!
• 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.