<p>The EURUSD fell to a new low for the day taking out the early NY session low at 1.03255.The low just reached 1.03229. </p><p>The US session high extended back toward the 100 hour MA. There were a couple of briefs look above the MA level but not by much. The next downside targets come in the 1.0273 ot 1.02934 area. The rising 200 hour MA comes in at 1.02593. </p><p>It would take a move with momentum above the 100 hour MA and then the falling 200 day MA (green line at 1.04126) to tilt the bias in the short term back to the upside. </p><p>The technical levels are clear. Sellers making a play. They have work to do, however. </p>

This article was written by Greg Michalowski at forexlive.com.

<p style=““ class=“text-align-justify“>The joint statement echoes what we saw from the G20 in Indonesia earlier this week, which was signed off by China president Xi Jinping. At the time, one wonders whether or not that signals a change in stance by China towards Russia but the headline above is perhaps meant to reflect a more accurate picture of Xi’s position. With the G20, one can understand that a show of unity is very much needed towards the Russia-Ukraine situation but with APEC, China is the boss.</p>

This article was written by Justin Low at forexlive.com.

<ul><li>S&P 500 futures +0.4%</li><li>Nasdaq futures +0.5%</li><li>Dow futures +0.4%</li><li>Eurostoxx +1.1%</li><li>Germany DAX +1.1%</li><li>France CAC 40 +1.0%</li><li>UK FTSE +0.6%</li></ul><p style=““ class=“text-align-justify“>Equities are finding a modest uptick now in European trading, with regional indices pushing gains towards 1% while US futures are also seen rising to the highs for the day with S&P 500 futures being up 17 points, or 0.4%, currently.</p><p style=““ class=“text-align-justify“>There’s not much in terms of a catalyst for the move but it is providing some appetite for the dollar to soften slightly. Perhaps this is one that is <a target=“_blank“ href=“https://www.forexlive.com/news/a-crucial-moment-for-equities-in-the-final-stretch-of-the-week-20221118/“ target=“_blank“>more technical-related</a>?</p><p style=““ class=“text-align-justify“>In any case, just be wary that bond yields are also moving higher at the same time. Typically these days, yields tend to move lower in corroborating with a more positive look for broader market sentiment. 10-year Treasury yields are up 4.3 bps to 3.815% so that might be something to keep the optimism in check.</p>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>The pound was unimpressed by the Autumn Statement yesterday but Hunt delivered as expected, so there wasn’t much to get excited nor upset about considering it was very much the opposite of the ‚mini-budget‘ in September. Instead, dollar sentiment continues to be the key driver in GBP/USD and we’re still in the midst of sorting that out for the moment.</p><p style=““ class=“text-align-justify“>The pair is holding higher today, erasing the drop from yesterday but it hardly means much with the notable resistance point at 1.2000 still holding since the earlier half of the week. Unless buyers have appetite to break past that, only then can we start to talk about a push towards its 200-day moving average (blue line), seen at 1.2221 currently.</p><p style=““ class=“text-align-justify“>For now though, most of the look among dollar pairs are one in the same i.e. a bit of a stall in momentum earlier in the week before some consolidation and chop over the past few days. The same levels pointed out <a target=“_blank“ href=“https://www.forexlive.com/news/dollar-selloff-runs-into-a-checkpoint-20221117/“ target=“_blank“>here</a> are very much still in play.</p>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>European equities may be slightly higher but the overall mood remains more pensive, with US futures not really hinting at much. S&P 500 futures are down 3 points, or 0.08%, currently as <a target=“_blank“ href=“https://www.forexlive.com/news/a-crucial-moment-for-equities-in-the-final-stretch-of-the-week-20221118/“ target=“_blank“>it is a crucial moment</a> for stocks in general ahead of the weekend.</p><p style=““ class=“text-align-justify“>Elsewhere, bonds are a touch lower with 10-year Treasury yields up 1.3 bps to 3.785% and the dollar is keeping more mixed on the session so far. EUR/USD is down 0.1% to 1.1350 levels and remains in a pondering state after the upside move stalled at the 200-day moving average this week:</p><p style=““ class=“text-align-justify“>Meanwhile, USD/JPY is flattish around 140.15 currently while GBP/USD is up a touch by 0.2% to 1.1890. Looking over to commodity currencies, AUD/USD is up 0.3% to 0.6700 and NZD/USD up 0.6% to 0.6165 but the slight nudge higher comes after sellers have already wrestled back some near-term momentum.</p><p style=““ class=“text-align-justify“>AUD/USD is still trading in between its 100 and 200-hour moving averages now and pivoting in and around its 100-day moving average at 0.6693:</p>

This article was written by Justin Low at forexlive.com.

<ul><li>Inflation is far too high</li><li>Recession is unlikely to bring down inflation significantly</li><li>Interest rates are, and will remain, main tool for adjusting our policy stance</li></ul><p style=““ class=“text-align-justify“>She is just reaffirming the ongoing narrative and it is more of the case that they will keep saying so for as long as they can get away with it. But the headline remark in itself is already a step down from the previous communique of ‚hiking rates over the next several meetings‘.</p>

This article was written by Justin Low at forexlive.com.

<ul><li>Fiscal plan of £55 billion, just under half coming from tax (the rest from spending)</li><li>The early phase will support growth, with most austerity measures coming after 2024</li><li>We will use fiscal policy to support the economy in the short-term</li><li>OBR assesses that the UK is already in recession</li></ul><p style=““ class=“text-align-justify“>Gilts aren’t too happy despite Hunt delivering what is expected for the most part. 30-year yields are up 10 bps to 3.412% and that is weighing on the pound, with cable down to fresh lows on the day of 1.1801 and testing a push below its 100-hour moving average of 1.1832.</p>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>I’ll get straight to the point with this one as I already shared some thoughts about the dollar situation <a target=“_blank“ href=“https://www.forexlive.com/news/dollar-shows-some-fight-as-selloff-momentum-wanes-20221117/“ target=“_blank“>here</a>. First off, the daily charts are starting to see the dollar put up some fight upon meeting key levels this week:</p><p style=““ class=“text-align-justify“>EUR/USD faltering at its 200-day moving average (blue line) remains one of the key technical developments in that regard.</p><p style=““ class=“text-align-justify“>AUD/USD failing to get above its 61.8 Fib retracement level at 0.6767 and now dropping back below its 100-day moving average (red line) is also another sign that the dollar selling on risk optimism is waning.</p><p style=““ class=“text-align-justify“>Likewise, USD/CAD is also showing a modest bounce upon testing its 100-day moving average (red line) earlier in the week.</p><p style=““ class=“text-align-justify“>But perhaps more importantly for the dollar now, is that we are also seeing a bit of a turn in the near-term charts:</p><p style=““ class=“text-align-justify“>Today itself, we are seeing the dollar break back against the 100-hour moving averages (red line) against the euro, yen, loonie, aussie and kiwi as seen above. That’s a sign that the near-term momentum is stalling as the bias now turns more neutral instead i.e. price action caught in between the 100 and 200-hour moving averages.</p><p style=““ class=“text-align-justify“>That is not to say that the selloff is over and the dollar will move higher from here but it is indicating that the dollar is showing some fight as the downside momentum stalls. This is where buyers and sellers will have to do battle in determining whether the next leg for the dollar will be one that is higher or lower (again) from here.</p>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>I already highlighted the situation earlier <a target=“_blank“ href=“https://www.forexlive.com/news/dollar-selloff-runs-into-a-checkpoint-20221117/“ target=“_blank“>here</a> and we are seeing more of that in European trading today, as traders start to dial back the post-CPI selloff in the dollar. As we meet key technical levels, it is now a question for markets whether or not we are done with the retracement/correction and is there still bullish appetite for the dollar moving forward?</p><p style=““ class=“text-align-justify“>From a fundamental standpoint, not much has changed as the Fed continues to reaffirm that it will hike rates further even though they are also now opening a bit of a gap in the door towards slowing the pace of future rate hikes. Meanwhile, all other major central banks are either equally as dovish or even more so. So, that should keep the dollar in a good spot right?</p><p style=““ class=“text-align-justify“>Well, yes and no. On the one hand, the dollar is still the cleanest shirt among the dirty laundry. But considering how being long the greenback has been the consensus trade for almost the entirety of the year so far, it puts a lot of emphasis on any change in the narrative for the currency as such.</p><p style=““ class=“text-align-justify“>In other words, the dollar will find its previously easy gains harder to come by now but unless we do see major technical levels break one after the other, it is still in with a good shot to come back up after the latest drop in the past week. I’ll be highlighting the technicals in my next post.</p>

This article was written by Justin Low at forexlive.com.

<p>Crypto Market
picture</p><p class=“MsoNormal“>Bitcoin
moved between $16.3K and $17.0K on Wednesday and is changing hands Thursday
morning closer to the lower bound of yesterday’s range. Some pressure on crypto
comes from more wary financial markets, where major indices are down. </p><p class=“MsoNormal“>The total
capitalisation of the crypto market has fallen by 1.7% to $830bn in the last 24
hours. However, the overall quieter trading pattern should be noted after the
surge in volatility in recent days.</p><p class=“MsoNormal“>Crypto Fear
and Greed Index was down 3 points to 20 by Thursday and remains in a state of
„extreme fear“.</p><p class=“MsoNormal“>On the
technical analysis side, Bitcoin’s failure to cross $17.0K looks like a
corrective rebound to lock in profits before a new round of declines. This
scenario will only become main after the price
approaches local lows near $15.8K, opening the way to $12K.</p><p class=“MsoNormal“>Ethereum is
under more pressure, forming a sequence of declining intraday extremes. At the
current price near $1200, we can see the dam-breaking effect at levels below
$1100.</p><p class=“MsoNormal“>A similar
pattern is seen in the overall cryptocurrency market capitalisation chart,
where we see local reversals from lower levels.</p><p>Crypto News
background</p><p class=“MsoNormal“>According to
The Wall Street Journal, crypto lending platform BlockFi is preparing to file
for bankruptcy. The company has acknowledged significant exposure to the FTX
exchange. Last week BlockFi suspended customer withdrawals.</p><p class=“MsoNormal“>The collapse
of FTX affected too many companies, which could extend the crypto winter to the
end of 2023, according to cryptocurrency exchange Coinbase. Many institutional
funds are stuck on FTX, causing increased distrust in the industry. Stablecoins
dominance has reached a new high of 18%.</p><p class=“MsoNormal“>Bitcoin will
fall heavily in November and hit „the bottom“, forecasts Pantera
Capital’s crypto fund. BTC will then rise to $36,000 ahead of the next halving
in March 2024 and continue to grow to a new record peak of $149,000.</p><p class=“MsoNormal“>According to
the average results of a survey conducted by BDC Consulting among 53
cryptocurrency executives, bitcoin will stop the decline at $11,479. Meanwhile,
over half of top executives intend to increase their investments in
cryptocurrencies and have no plans to cut back.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“>FxPro</a>’s Senior Market Analyst Alex Kuptsikevich.</p>

This article was written by FxPro FXPro at forexlive.com.