Daily Market Report - Tuesday, Nov 01, 2022


Shares of the ride-hailing company (NYSE: UBER) trades more than 2% higher in pre-market trading on Tuesday ahead of its third-quarter report, which is set to be released before the bell. Uber is expected to post a loss of 18 cents a share and revenues are expected to be $8.12 billion. During the second quarter, Uber's revenue came in at $8.07 billion and its loss per share came in at $1.33.

$UBER technical outlook

In the short term, technically the first nearest support level is located at $23. In case it breaks below this level, it will head towards the next support level which is located at near $20. On the upper side, Uber is likely to find immediate resistance at $29/30, if the bulls manage to push the price to break above the $30 resistance level, the next target will be at $34 then $38.


US futures trade flat on a daily basis as investors remained cautious ahead of the highly anticipated US FED decision on Wednesday. Moving ahead to the North American session, the USD traders should closely monitor the release of US ISM PMI figures for October, which is set to be released at 14.00 GMT.


Crude oil futures extended the gains after OPEC raised its medium to long-term demand forecasts and said it stood ready to help stabilize prices if markets required it. Both WTI and Brent oil prices reversed its direction following a two-day decline, the focus shifted to the API's oil inventory data.


In the currency market, Euro managed to regain some recent losses on Tuesday Morning. As of this writing, the currency pair trades above 0.9930. The currency pair traded with a strong bearish sentiment on Monday, largely due to a broad strengthening in the US dollar. Meanwhile, the Australian dollar rebounded after RBA signaled further tightening as it balances efforts to bring down inflation.


The safe-haven metal rebounded from the previous session lows. On Monday, the metal hits a fresh weekly low of $1630 weighed down by the strong US dollar. For today, the main drivers for the metal remain the US dollar and bond yields movement, and the ISM manufacturing PMI data.

Economic Outlook

On the data front, the Reserve Bank of Australia decided to increase the cash rate target by 25 basis points to 2.85 per cent. “The dimensions and timing of future rate of interest will increase will proceed to be decided by the incoming information and the board’s evaluation of the outlook for inflation and the labour market” – RBA Governor Philip Lowe said.

Moving ahead today, the important events to watch:

US – Manufacturing PMI: GMT – 13.45

US – ISM manufacturing PMI: GMT – 14.00

US – JOLTs job openings: GMT – 14.00

Coronavirus update:

Worldwide, more than 630 million people have been confirmed infected and more than 6.51 million have died. The United States has confirmed over 97 million cases and has had more than 1.07 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

The currency pair trading above the 0.9930 area during the European session, if the bullish momentum continues the next upside levels to watch the 0.9970 and 1.0000 zone. On the flip side, the immediate support is at 0.9900.

The important levels to watch for today: Support- 0.9900 and 0.9860 Resistance- 0.9970 and 1.0000.

GOLD: For today, the first resistance is located around $1650, a break above this level will confirm a possible move to $1660/66. On the downside, if the metal loses the $1630 handle, we expect a move toward $1620/18.

The important levels to watch for today: Support- 1635 and 1630 Resistance- 1650 and 1658.

Quote of the day - My experience with novice traders is that they trade three to five times too big. They are taking 5 to 10 percent risks on a trade when they should be taking 1 to 2 percent risks - Bruce Kovner.

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