MARKET ANALYSIS

Weekly Technical Analysis

06.11.2023 - 10.11.2023

USD/JPY

USD/JPY Current level -151.431

USD/JPY held above 151.00 towards the end of the week as Federal Reserve speakers have pushed back on expectations that the Fed is done hiking interest rates. On the Japanese Yen front, the Bank of Japan (BoJ) maintained its dovish stance despite the aggressive tightening policy from the major central banks.

Gold

Gold Current level – 1955.23

XAU/USD is heading for its second straight weekly decline, weighed down by hawkish signals from US Federal Reserve officials as well as stronger dollar and Treasury yields. Apart from this, the Israel-Hamas conflict, turns out to be another factor undermining the XAU/USD.

S&P 500

S&P 500 Current level – 4360.52

The S&P 500 has an impressive rally the last two weeks as companies’ earnings are on track to rise for the first time in a year. Major corporations were able to protect their profit margins by “passing through” increasing costs from rising inflation, allowing earnings growth to get back on track.

USOIL

USOIL Current level – 76.084

USOIL is in the midst of a strong selloff with prices now been in free fall as analysts are increasingly confident that the Israel-Hamas war won’t spread into a broader regional conflict that disrupts oil production. The supply-demand tide has clearly shifted in the oil market, and unless we see imminent signs that supply will be disrupted or accelerating growth in the global economy, crude prices are likely to remain under pressure.

BTCUSD

BTCUSD Current level – 36534.25

BTC/USD price rose by 3.27% this week igniting speculation about whether it can break the $40,000 milestone. After a brief consolidation phase, the leading cryptocurrency has regained its bullish momentum, soaring to a peak of $38,000 before retracing to its current trading level of $36,400.