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US OPENING BELL 09-11-2022

Started by PocketOption, Nov 10, 2022, 05:55 am

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PocketOption

US OPENING BELL 09-11-2022

EUROPEAN INDICES MIXED AHEAD OF THE US OPENING BELL; CHINA’S CPI FALLS MORE THAN EXPECTED; US MIDTERMS TOO CLOSE TO CALL.


The major European indices were mixed at mid-session, with the Dax currently giving up 0.48%, the Cac40 0.18% and the Eurostoxx 0.43%, while the Milan and Madrid stock exchanges remained positive.


In the morning came China’s CPI data, which fell more than expected. Specifically, the monthly figure came in at 0.1% against the expected 0.3%, while the annual figure came in at 2.1% against expectations of 2.3%. The annual figure was the lowest since May 2022.


However, the market remains mostly in wait-and-see mode, waiting to see the outcome of the US elections, which is still unclear given the close competition between the two parties. In this sense, a Republican victory in the House of Representatives now seems to be looming, while in the Senate, the numbers are still too close to determine a winner. The market is waiting to see how President Biden’s policy agenda will be altered following the outcome of the vote.


On the commodities front, WTI continues yesterday’s decline after industry data showed rising inventories (to be confirmed with today’s data) and following continued increases in Covid cases in China that could slow demand.


As for the economic calendar, no noteworthy data are expected today except for crude oil inventories to be released in the afternoon.




EURUSD, M15



The EURUSD failed to drop below the most significant intraday support yesterday (the W-2 POC & W-1 VAH) and reached our 1.0060 target. As for today, the most critical intraday support area is the LVN around the 1.0023 mark. In contrast, the main intraday resistance area is the W-2 VAH. We could also find an intermediate resistance around the 1.0060 mark. From a technical point of view, as long as prices remain above the support, the most likely scenario is a retest of the support to rise toward the resistance. A stretch to the 1.0130-1.0150 area could occur if prices break the resistance upward. On the opposite side, a breakout of the support could lead prices back to the W-2 POC & W-1 VAH).


Main intraday support areas where to look for long trades in case of a bullish candlestick pattern or short trades in case of a bearish candlestick pattern: 1.0023, 0.9972, 0.9929.


Main intraday resistances areas where to look for short trades in case of a bearish candlestick pattern or long trades in case of a bullish candlestick pattern: 1.0060, 1.0099, 1.0130-1.0150.


S&P500, M30



Yesterday, the S&P movement confirmed the most crucial intraday support and resistance. The first remains the W-2 VAL, and the latter the W-2 POC. We have another intermediate support around the D-1 VAL. From a technical point of view, as long as prices remain above the 3791-3800 area, the most likely scenario is a continuation of the rise to the resistance and the area between the W-2 VAH and the W-1 POC. However, the price is posting lower heights and lower lows, indicating a downtrend. A drop toward the W-1 VAL could occur if prices break the support.


Main intraday support areas where to look for long trades in case of a bullish candlestick pattern or short trades in case of a bearish candlestick pattern: 3800-3791, 3750, 3729.


Main intraday resistances areas where to look for short trades in case of a bearish candlestick pattern or long trades in case of a bullish candlestick pattern: 3840, 3870-3875.


Key:


POC= Point of Control

VAH= Value Area High

VAL= Value Area Low

LVN= Low Volume Node

HVN= High Volume Node

W-1= last week

W-2= two weeks ago

W-3= three weeks ago

D-1= yesterday

D-2= two days ago

D-3= three days ago


The post US OPENING BELL 09-11-2022 appeared first on Key To Markets Blog.


Source: US OPENING BELL 09-11-2022