Tuesday Briefing: From DXY, Gold to Latest FX headlines; Nov 22, 2022

US Dollar Index Overview

• DXY trades in narrow range and hovers around 107.50 mark.
• It made intraday high at 107.73 and low at 107.27 mark.
• A day Chart is down and H1 chart with triple EMA suggests up trend for the time being.
• Immediate hurdles are seen at 107.93 to 107.07 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 enjoys roller coaster movement and trading around $1,740 mark.
• The pair made intraday high at $1,749 and Low at $1,738 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:

• Workers at the largest U.S. rail union voted against a tentative contract deal reached in September, raising the possibility of a year-end strike that could cause significant damage to the economy and strand vital shipments of food and fuel.
• President Volodymyr Zelenskiy appealed to Ukrainians to conserve energy amid relentless Russian strikes that have already halved the country’s power capacity, as the United Nations’ health body warned of a humanitarian disaster in Ukraine this winter.
• Many children were killed in an earthquake in Indonesia when their schools collapsed, officials said, as rescuers raced to reach people trapped in rubble in a devastated town on Java island. Hundreds of people were injured in yesterday’s quake and officials warned the current death toll of 252 was likely to rise.
• Beijing city reports 316 new local COVID cases for the 15 hours to 3 p.m. on Monday, a city official said during a briefing.
• China’s capital warned on Monday that it was facing its most severe test of the COVID-19 pandemic, shutting businesses and schools in hard-hit districts and tightening rules for entering the city as infections ticked higher in Beijing and nationally.
• Zimbabwean health workers have left the country in droves over the past year, a senior official at the Health Services Board (HSB) revealed on Sunday.
• Germany wants to give an additional 5 billion euros’ ($5.1 billion) worth of credit to the nationwide gas market trading hub to enable forward sales from gas storage facilities, according to a finance ministry document seen by Reuters.

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