Here are the Top Market Analysis for the 3rd of November, 2023.

Currencies (Forex – FX)

• EUR/USD: The EUR/USD currency pair is currently trading in a range between 1.0530 and 1.0624. The 200-day moving average is acting as a resistance level at 1.0624. A break above this level could lead to a further rally towards the resistance level at 1.0676. However, a break below the support level at 1.0530 could lead to a deeper decline towards the support level at 1.0470.
• USD/JPY: The USD/JPY currency pair is currently trading in a range between 149.70 and 150.50. The 200-day moving average is acting as a support level at 149.70. A break below this level could lead to a further decline towards the support level at 149.10. However, a break above the resistance level at 150.50 could lead to a further rally towards the resistance level at 151.00.
• GBP/USD: The GBP/USD currency pair is currently trading in a range between 1.2180 and 1.2230. The 200-day moving average is acting as a resistance level at 1.2230. A break above this level could lead to a further rally towards the resistance level at 1.2280. However, a break below the support level at 1.2180 could lead to a further decline towards the support level at 1.2130.
• USD/CAD: The USD/CAD currency pair is currently trading in a range between 1.3400 and 1.3450. The 200-day moving average is acting as a resistance level at 1.3450. A break above this level could lead to a further rally towards the resistance level at 1.3500. However, a break below the support level at 1.3400 could lead to a further decline towards the support level at 1.3350.
• AUD/USD: The AUD/USD currency pair is currently trading in a range between 0.6900 and 0.7000. The 200-day moving average is acting as a resistance level at 0.7000. A break above this level could lead to a further rally towards the resistance level at 0.7050. However, a break below the support level at 0.6900 could lead to a further decline towards the support level at 0.6850.

Metals

• Precious Metals (Gold and Silver)
  • Gold: Gold prices are trading higher today. Gold is currently trading at around $1986 per ounce, and could test the support at $1940 per ounce in the near term.
  • Silver: Silver prices are also trading lower today, following gold prices. Silver is currently trading at around $22.60 per ounce, and could test the support at $22 per ounce in the near term.
• Base Metals:
  • Copper: Copper prices are trading mixed today, with support coming from concerns about supply disruptions and demand from China. Copper is currently trading at around $3.69 per pound, and could test the resistance at $3.80 per pound in the near term.
  • Aluminum: Aluminum prices are also trading mixed today, with support coming from concerns about supply disruptions. Aluminum is currently trading at around $2240 per ton, and could test the resistance at $2360 per ton in the near term.

Commodities

• Energy
  • Crude oil: Crude oil prices are trading mixed today, with support coming from concerns about supply disruptions and demand from China. Crude oil is currently trading at around $82 per barrel, and could test the resistance at $83 per barrel in the near term.
  • Natural gas: Natural gas prices are trading lower today, pressured by concerns about a slowdown in global economic growth. Natural gas is currently trading at around $3.40 per MMBtu, and could test the support at $3.30 per MMBtu in the near term.
• Agriculture
  • Wheat: Wheat prices are trading higher today, supported by concerns about supply disruptions from Ukraine. Wheat is currently trading at around $565 per bushel, and could test the resistance at $570 per bushel in the near term.
  • Corn: Corn prices are also trading higher today, following wheat prices. Corn is currently trading at around $6.50 per bushel, and could test the resistance at $6.60 per bushel in the near term.
• Gold, Silver, Copper: Please check Metals category

Indices

• US Indices
  • S&P 500: The S&P 500 index is currently facing resistance at the 4400 level. A break above this level could lead to a test of the resistance at 4450. However, a break below the support at 4350 could lead to a further decline towards the support level at 4300.
  • Dow Jones Industrial Average: The Dow Jones Industrial Average is currently facing resistance at the 34400 level. A break above this level could lead to a test of the resistance at 34900. However, a break below the support at 34100 could lead to a further decline towards the support level at 33600.
  • Nasdaq Composite Index: The Nasdaq Composite Index is currently facing resistance at the 13100 level. A break above this level could lead to a test of the resistance at 13250. However, a break below the support at 13000 could lead to a further decline towards the support level at 12900.
• European Indices
  • DAX: The DAX index is currently facing resistance at the 14000 level. A break above this level could lead to a test of the resistance at 14150. However, a break below the support at 13900 could lead to a further decline towards the support level at 13800.
  • CAC 40: The CAC 40 index is currently facing resistance at the 6800 level. A break above this level could lead to a test of the resistance at 6850. However, a break below the support at 6750 could lead to a further decline towards the support level at 6700.
  • FTSE 100: The FTSE 100 index is currently facing resistance at the 7500 level. A break above this level could lead to a test of the resistance at 7550. However, a break below the support at 7450 could lead to a further decline towards the support level at 7400.
• Asian Indices
  • Nikkei 225: The Nikkei 225 index is currently facing resistance at the 29000 level. A break above this level could lead to a test of the resistance at 29500. However, a break below the support at 28500 could lead to a further decline towards the support level at 28000.
  • Hang Seng Index: The Hang Seng Index is currently facing resistance at the 19500 level. A break above this level could lead to a test of the resistance at 20000. However, a break below the support at 19000 could lead to a further decline towards the support level at 18500.
  • Shanghai Composite Index: The Shanghai Composite Index is currently facing resistance at the 3300 level. A break above this level could lead to a test of the resistance at 3350. However, a break below the support at 3250 could lead to a further decline towards the support level at 3200.

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.