Here are the Top Market Analysis for the 20th 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 trading 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 47.50, indicating that the EUR/USD is 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, up 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 45.00, indicating that the GBP/USD 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.
• 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 52.25, indicating that the USD/JPY is neither overbought nor 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.

Metals

• Industrial Metals
  • Copper: Copper prices are trading higher today, above $3.70 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 $1,980 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 $23.650 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

• Oil: Crude oil prices are currently trading at $75.89 per barrel, up 4.00% on the day. Oil prices have been volatile in recent months, but have been supported by supply disruptions from Russia and concerns about the Iran nuclear deal. Crude oil prices are currently trading above their 50-day moving average, which is a bullish sign. The pair could continue to rise if it can break above its resistance level at $76.50 per barrel. Oil prices are closely linked to global economic growth, and concerns about a slowdown have put pressure on prices. However, supply disruptions from Russia and concerns about the Iran nuclear deal have supported prices.
• Natural gas: Natural gas prices are currently trading at $2.96 per million British thermal units (MMBtu), down 3.00% on the day. Natural gas prices have been under pressure due to mild winter weather in the United States and Europe. Natural gas prices are currently trading below their 100-day moving average, which is a bearish sign. The pair could continue to fall if it can break below its support level at $2.90 per MMBtu. Natural gas prices are sensitive to weather conditions, and mild winter weather in the United States and Europe has pushed prices lower. However, supply concerns from Russia have supported prices.
• Corn: Corn prices are currently trading at $5.20 per bushel, down 1.00% on the day. Corn prices have been under pressure due to concerns about slowing demand from China and the upcoming harvest in the United States. Corn prices are currently trading below their 200-day moving average, which is also a bearish sign. The pair could continue to fall if it can break below its support level at $5.10 per bushel. Corn prices are affected by demand from China, which is the world’s largest importer of corn. Concerns about slowing demand from China have weighed on prices.
• Wheat: Wheat prices are currently trading at $7.10 per bushel, up 0.50% on the day. Wheat prices have been supported by supply concerns from Ukraine and Russia. Wheat prices are currently trading above their 100-day moving average, which is a bullish sign. The pair could continue to rise if it can break above its resistance level at $7.20 per bushel. Wheat prices are closely linked to supply and demand, and concerns about exports from Ukraine and Russia have supported prices.
• Soybeans: Soybean prices are currently trading at $14.20 per bushel, down 0.50% on the day. Soybean prices have been under pressure due to concerns about slowing demand from China and the upcoming harvest in the United States. Soybean prices are currently trading below their 50-day moving average, which is a bearish sign. The pair could continue to fall if it can break below its support level at $14.00 per bushel. Soybean prices are also affected by demand from China, and concerns about slowing demand from China have weighed on prices.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500: The S&P 500 is currently trading at 4,514, down 0.20% on the day. The S&P 500 has been trading in a tight range for the past few days, and is likely to remain volatile in the near term.
• Dow Jones Industrial Average: The Dow Jones Industrial Average is currently trading at 34,947, down 0.10% on the day. The Dow Jones Industrial Average has been following the S&P 500’s lead, and is also likely to remain volatile in the near term.
• Nasdaq Composite: The Nasdaq Composite is currently trading at 15,838, up 0.10% on the day. The Nasdaq Composite has been outperforming the S&P 500 and the Dow Jones Industrial Average in recent weeks, and is likely to continue to do so as long as technology stocks remain strong.
• FTSE 100: The FTSE 100 is currently trading at 7,504, up 0.30% on the day. The FTSE 100 has been under pressure due to concerns about a slowdown in the UK economy.
• DAX: The DAX is currently trading at 15,919. down 0.10% on the day. The DAX has been following the FTSE 100’s lead, and is also likely to remain volatile in the near term.
• Nikkei 225: The Nikkei 225 is currently trading at 33,582, up 0.50% on the day. The Nikkei 225 has been supported by a weakening Japanese yen and expectations for further monetary easing from the Bank of Japan.

Cryptocurrencies

• Bitcoin (BTC): Bitcoin has been trading in a tight range for the past few days, and is likely to remain volatile in the near term. The next major resistance level for BTC is at $38,000, while the next major support level is at $35,500.
• Ethereum (ETH): Ethereum is currently testing its 200-day moving average, which is a technical indicator that could signal a change in trend. If ETH can break above this level, it could continue to rise to $2,200.
• Tether (USDT): Tether, the world’s largest stablecoin, is currently trading at $1.00, unchanged on the day. Tether is typically pegged to the US dollar, and its price is relatively stable.
• USD Coin (USDC): USD Coin, the second-largest stablecoin, is currently trading at $1.00, unchanged on the day. USDC is also typically pegged to the US dollar, and its price is relatively stable.
• Binance Coin (BNB): Binance Coin, the native token of the Binance exchange, is currently trading at $310, up 2% on the day. BNB has been outperforming the broader cryptocurrency market in recent weeks, and is likely to continue to do so as long as the Binance exchange remains popular.

Current Factors Affecting the Markets and Events to Watch Out For

• 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.