Technical Analysis Post

Daily Market Report: Expert Technical & Fundamental Insights – 11.11.2024

| 11 November, 2024 at 10:00 GMT

EURUSD

EURUSD was little changed today, trading at $1.0714, the lowest in more than four months after falling by another -1.48% in a week. Today’s calendar will have no major releases, that’s why the markets are likely to remain focusing on the US developments after Trump’s victory. 

$1.0745, $1.0715 (executed) and $1.0685 are support levels for day-traders. 1H RSI is almost at support level (30) so the correction may happen again, targeting $1.0750.

USDJPY

With seven consecutive weekly gains, USDJPY traded higher today at 153.63 after it gained by 0.81% in a week. It was both USD strength & US bond yields that kept this currency pair elevated. In the meantime, the Japanese officials kept giving verbal warnings against Yen’s excessive weakness, is BoJ going to intervene again? Keep an eye on BoJ measures. 

Price action remained strongly bullish, heading higher to 154. 152.20 is an important support (unlikely today) then 151.40.

GBPUSD

What happened to the Pound in the last week? GBPUSD fell by -0.34% last week, trading almost unchanged today at $1.2911, unlike EURUSD that fell by more than -1.4% in a week. One thing that kept the demand for GBP was that BoE was less dovish than the estimates which means that cutting the rates in the UK is unlikely to be aggressive. Interest rate in the UK stayed at 4.75%, higher than EZ & Japan. 

Price action remained sideways amid tight range of trading between $1.2850 & $1.29690. $1.2850 is a major support to re-build positions.

Gold

Gold resumed trading on Monday & traded lower at $2668 per ounce after two consecutive weekly losses. Everyone has one question, what’s next for gold after Trump’s massive victory & highly expected tariffs by Trump’s next administration? The answer relies on US inflation & Fed forward guidance, USD performance and China’s stimulus measures. 

$2650 is important support (1H chart). Price action is mixed now, still targeting $2710, market bears remained strong as well. Traders’ behavior still supports short-term weakness.

Silver

All traders were betting on China’s stimulus measures but what happened was somehow disappointing to many. Silver lost more than -3.6% last week, trading weaker today at $31.22 per ounce, one-month low after China announced on Friday 10 trillion Yuan debt package aimed to ease local governments financing & support the slowing economy, such a decision was not enough to many traders. 

Technically speaking, silver remained in negative technical channel, edging lower to the 2nd major support. 1H RSI is sideways now amid low volatility. $31.70 is the next target for day-traders.

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Oil – WTI

Crude oil prices traded lower today, WTI $70.02PB, Brent $73.54PB after falling by -1.8% in a week. China’s PPI & CPI came weaker than the estimates in October. Oil traders started to bet on new oil strategy by Trump’s administration that assumed higher oil supply not to forget that Trump may put more sanctions on Iran & Venezuela, both countries are OPEC members. So, expect further volatility ahead. Be careful that Trump’s oil policy may disappoint many. 

Price action is giving further weakness with low volatility. According to traders’ behavior, $70.50 then $71.30 are the next targets.

DAX

DAX futures traded higher today after it closed lower by -0.8% on Friday, DAX index advanced by 0.72% in a week. Now, Germany is facing political uncertainty after the ruling coalition ended, giving pressure on the Chancellor Olaf to call for snap election. Auto sector stocks remain under huge pressure due to markets’ fears of Trump’s proposed tariffs. 

The good thing is that DAX broke the 2nd major resistance, heading higher to the third one. 19440 is the next target then 19550.

Nasdaq

Last week was the best one in Nasdaq since last August after Nasdaq gained more than 5.5%, followed by 5.2% in SPX & 5.3% in Dow Jones, US stock futures traded higher today as well. Among the best performing stocks were Tesla 29%, Nvidia 9% & Amazon 5.2%. It was purely Trump’s trade, while the markets started pricing in lower tax on the US corporates & de-regulations in Trump’s new policies. US banks will be closed today due to Veterans’ Day bank holiday. 

Totally overbought, but the price action remained highly bullish. 20800is support, with high volatility index (4H chart) and bullish trend ( daily ).

BTCUSD

Practically speaking, Bitcoin never sleeps and yes BTC’s price never sleeps & never stops breaking new record-highs after BTC traded higher today at $80800, while the global market cap increased above $2.75 trillion, Bitcoin increased by 20% in a week, the best week since February 2024, followed by massive gains in Cardano 75% & 30% in Eth that traded today at $3125. One major incident that triggered the gains was Trump’s re-election, Trump’s embrace of digital assets was the major catalyst. Trend remained highly bullish, new target ahead. $79K & $76700 are short-term support (profit -taking).