Thursday Briefing: From DXY, Gold to Latest FX Headlines; Nov 24, 2022

US Dollar Index Overview

• DXY trades almost flat on Thursday and stabilizes below 106.00 mark.
• It made intraday high at 106.12 and low at 105.63 mark.
• A day Chart and H1 chart with triple EMA suggest down trend for the time being.
• Immediate hurdles are seen at 106.50 to 105.68 mark.
• A sustained close of either side on H1 chart requires for the further directions of the U.S. dollar.

Technical Analysis: XAU/USD (Gold)

• Gold moves in rigid boundaries in the absence of key U.S. fundamentals.
• The pair made intraday high at $1,758 and Low at $1,752 mark.
• A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
• A sustained close above $1,748 on H1 chart requires for the upside rally.
• Alternatively, a consistent close below $1,736 on H1 chart will test further supports.

 
Key Headlines for the FX market:

• Ukrainian President Volodymyr Zelenskiy demanded the United Nations punish Russia for air strikes on civilian infrastructure, after a missile barrage caused the worst nationwide power outages yet, plunging cities into freezing darkness.
• Eastern Europe’s arms industry is churning out guns, artillery shells and other military supplies at a pace not seen since the Cold War as governments in the region lead efforts to aid Ukraine.
• Malaysia’s Anwar Ibrahim was sworn in as prime minister, capping a three-decade political journey from a protege of veteran leader Mahathir Mohamad to protest leader, a prisoner convicted of sodomy and opposition leader.
• China reported record high COVID infections, with cities nationwide imposing localised lockdowns, mass testing and other curbs that are fueling frustration and darkening the outlook for the world’s second largest economy.
• A “substantial majority” of policymakers at the Federal Reserve’s meeting early this month agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes as debate broadened over the implications of the U.S. central bank’s rapid tightening of monetary policy, according to the minutes from the session.

Source: Reuters

Keep an eye open for the latest news and fundamentals affecting the FX markets.

Take a look and do trade wisely!
Good Luck