A sharp reversal wiped out the ecstatic momentum from the open, bringing worrying signs back into the markets.Traders are starting to fade Nvidia’s earnings reaction after Nasdaq hits the top of the Daily Pivot zone highlighted in our Morning in-depth analysis. Most Read: Nasdaq rebounds: Nvidia (NVDA) earnings beat ends AI winter fears With no major headlines driving the shift, the market seems increasingly concerned about renewed hawkish repricing from the Fed.Now the question is whether rangebound action takes over or if new highs or lows trigger further sharp continuation. Confusion is definitely in the air.Here’s a look at a few US index intraday charts — not a pretty picture right now. zoom_out_map US Equity Heatmap (12:13 A.M.) – November 20, 2025 – Source: TradingView What a reversal!Nasdaq 1H Chart zoom_out_map Nasdaq (CFD) 1H Chart. November 20, 2025 – Source: TradingView Dow Jones 1H Chart zoom_out_map Dow Jones (CFD) 1H Chart. November 20, 2025 – Source: TradingView zoom_out_map Nvidia (NVDA) 1H Chart. November 20, 2025 – Source: TradingView Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

The Bank of Japan (BoJ) and the Ministry of Finance have been expressing deepening concern over the Yen's trajectory, a move exaggerated by broad US Dollar strength fueled by the Fed's own hawkish repricing.A recent meeting between the fiscally dovish Prime Minister Sanae Takaichi and BoJ Governor Kazuo Ueda has seemingly failed to calm the squeeze in this most volatile of FX pairs.The pair is up over 3% since the start of November trading, recently testing the 158.00 level in a relentless race higher.Participants are now actively pricing in potential BoJ intervention; however, historical action suggests these moves are often faded by the market, rendering them inefficient.Some analysts point to a most-effective window for intervention during the Thanksgiving holiday liquidity drain, when fewer traders are present to fade the move, though a continuation of this move could force a "first round" of action even sooner.Ultimately, this relentless market pressure may force the BoJ's hand to hike rates despite PM Takaichi's well-known opposition to tightening—a menace that has lingered since her appointment.Only a reassuring and decisive monetary policy shift is likely to halt the squeeze, much like it did last July.Fiscal recklessness is a force markets always reckon with, and traders are currently testing the BoJ's resilience against the current government's dovish agenda.Let's dive right into a High to short timeframe analysis of USD/JPY. Read More:Markets Today: NFP in Focus as Rate Cut Bets Tumble, NVIDIA Earnings Boost SentimentNikkei 225: Bulls back in vogue with 4% “Takaichi Trade”rallyNorth American mid-week Market update – US Data is finally back!USD/JPY Weekly to Intraday Timeframe AnalysisWeekly Chart zoom_out_map USD/JPY Weekly Chart. November 20, 2025 – Source: TradingView Now above 8,000 pips from its 50-week Moving Average, the USD/JPY is coming close to its 2025 January peak with brutal strength.Mean-reversion for such moves is a painful trade, with the Weekly candles all overlapping each other in a weekly tight-bull channel.The only sign of reversion would be a weekly candle closing below the prior bar, and these often comes when momentum slows down.But there aren't many signs of a slowdown on the weekly timeframe for now.The weekly RSI is also coming towards overbought, but with no divergence yet, it will be important to see if "Urgent" warnings from the Finance Minister serve to slow down the move.Some profit-taking mean-reversion is currently going through as prices came very close to the 158.00 handle (157.895 session highs).Daily Chart and Technical Levels zoom_out_map USD/JPY Daily Chart. November 20, 2025 – Source: TradingView USD/JPY technical levels of interest:Support Levels:153.00 to 154.00 Key Resistance now Pivot154.420 Weekly lows10-Day MA 151.50150.00 Psychological Support and 50-Week MA146.00 August Range Main SupportResistance Levels:Session highs 157.895Key Resistance 157.00 to 158.00 (testing)2025 Highs and April 2024 peaks 158.80 to 160.001990 and July 2024 Peak 161.00 to 162.008H Chart zoom_out_map USD/JPY 8H Chart. November 20, 2025 – Source: TradingView Shorter timeframes point to some imminent indecision, with the past two 8H Candles forming Dojis right below the 158.00 level.Mean reversion is far from guaranteed after such a squeeze, as the Tight bull channel also corroborates on this timeframe.Nonetheless, a slow down in the buying points to a local top.Keep an eye on these two points:157.895 – Session highs: Any hourly close above should prompt continuation higher.156.850 – A daily close below may trigger further profit-taking.156.00 – A retest of the broken wedge may act as dip-buying point.Intervention might act all the way to 150.00 if efficient.Keep a close eye on Bank of Japan communications. zoom_out_map USD/JPY 1H Chart and intraday levels. November 20, 2025 – Source: TradingView Safe Trades!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Asian Market Wrap - Equities Recover Post NVIDIA Earnings Most Read: Nikkei 225: Bulls back in vogue with 4% “Takaichi Trade”rallyGlobal stock markets went up because chip company Nvidia reported very strong expected sales, which made people less worried about a possible "bubble" or crash in the Artificial Intelligence (AI) industry.The markets focused on technology, especially in Japan, South Korea, and Taiwan, saw the biggest increases. This happened after Nvidia's CEO, Jensen Huang, emphasized the huge demand for their AI chips from big internet companies and dismissed fears of an AI bubble. Other major Asian markets felt the same positive effect.Although the gains didn't continue at the same high pace all day, the main stock indexes in Tokyo (up 2.6%), Korea (up 2.3%), and Taiwan (up 3.2%) all made large jumps, especially the companies that manufacture parts for the AI supply chain. For instance, major chip and tech-related companies like TSMC (up 4.3%), Samsung Electronics (up 5.3%), SK Hynix (up 2.2%), and Tokyo Electron (up 5.4%) all rose significantly.A broad index of Asian stocks (excluding Japan) went up by 1.1%, recovering from a recent low. The positive momentum was further boosted by news that the US might postpone planned taxes on imported semiconductors, which could help ease trade disagreements with China.European Session - European Shares Advance European stock markets rose on Thursday, driven by a general feeling of relief across global markets. This positive mood followed the strong financial results reported by Nvidia.The main European stock index, the STOXX 600, was up by 1%, with markets in Germany and France also increasing by more than 1%. Nvidia's excellent quarterly results and promising future outlook came at a critical time, helping to calm investors who had been worried in recent weeks about a possible global AI bubble. Even though some concerns about an AI bubble still exist, Nvidia's performance temporarily lessened the anxiety, causing its shares listed in Frankfurt to jump by 6.2%.The European technology index climbed by 1.8%, with chip-related companies like Infineon and ASML both gaining 2.8%. Companies that make equipment for the AI boom, such as Schneider Electric and Siemens Energy, also saw increases of 2% and 4%, respectively.In company news, French bank BNP Paribas saw its shares rise by 5.7% after it announced a higher target for its financial stability measure (the CET1 ratio) for the year 2027.On the FX front, the US dollar was strong on Thursday, having achieved its biggest single-day gain in six weeks. This strength came after notes from the Federal Reserve meeting suggested it was less likely that the US would cut interest rates in December.Meanwhile, the Japanese yen fell significantly because people are betting that Japan will not immediately intervene to stop the currency from weakening. The yen hit its lowest level in 10 months at 157.48. This decline started after Japan's Finance Minister indicated that there were no specific talks about foreign exchange at a meeting with the Bank of Japan Governor.Other major currencies also weakened against the dollar: the euro fell to a two-week low of $1.1510, and the British pound (sterling) slipped to $1.3040. The New Zealand dollar had dropped sharply the day before, hitting a seven-month low of $0.5591, mainly because interest rate expectations in New Zealand are moving away from those in the US; it was stable on Thursday at $0.5611.Overall, the dollar index, which measures the dollar's strength against a basket of currencies, rose by 0.5% overnight and continued to climb, settling at 100.25.Currency Power Balance zoom_out_map Source: OANDA Labs Oil prices increased slightly on Thursday, recovering a bit after falling the day before. This small rise was caused by news that US crude oil supplies dropped by more than expected. This positive news for prices managed to outweigh concerns that the US trying to help end the conflict between Russia and Ukraine could bring more oil onto the market, which is already well-supplied.Specifically, Brent crude futures went up by 20 cents (or 0.31%) to $63.72 per barrel, and US West Texas Intermediate (WTI) crude futures increased by 22 cents (or 0.37%) to $59.66 per barrel.Gold price fell in early European trade as markets grappled with hawkish repricing of rate cut expectations from the Federal Reserve. A resurgent US Dollar has also weighed on the precious metal as the US Dollar Index trades above the 100.00 psychological barrier.Read More:NFP Preview: BLS Announces No October Report, November Report Delayed to After Fed Meeting. Rate Cut Bets Tumble Further, Implications for the DXYUSD/JPY: Potential minor top at 155.30, USD at risk of bearish reversal towards 154.20/153.65Gold (XAU/USD): 9% dead cat bounce rally at risk of reversal, watch US$4,036 downside triggerEconomic Calendar and Final Thoughts The European session will be quiet one in terms of data releases as markets begin to brace for the US session.In the US session, attention will shift to the long-delayed official US jobs report, which is expected to influence what the Federal Reserve decides to do with its interest rate policy next month.The report carries extra weight now that the BLS has confirmed that Jobs data for October will not be released while the November data will only be released after the Federal Reserves December meeting. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical standpoint, the FTSE 100 has broken below the crucial 200-day MA and remains below the 50 level on the period-14 RSI. This hints at significant bearish momentum still in play.Despite this, the optimism around NVIDIA could propel the index higher with a retest of the 200-day MA and a move higher a real possibility.Immediate resistance rests at 9610 and 9661 before the 100-day MA at 9734 comes into focus.FTSE 100 Index Daily Chart, October 20. 2025 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Key takeaways Nikkei 225 remains supported by macro tailwinds, including aggressive fiscal stimulus under PM Takaichi and a renewed steepening in Japan’s government bond yield curves, both historically correlated with upside in the index.A weakening Japanese yen is attracting stronger foreign inflows, with USD/JPY at a 10-month high and foreign net purchases of Japanese equities trending higher, reinforcing bullish pressure on the Nikkei 225.Short-term technicals lean positive, with the Japan 225 CFD Index holding above key moving averages and momentum indicators strengthening; a break above 50,730 could unlock the next leg higher towards 51,530 and 52,775/52,830. This is a follow-up analysis and an update of our prior report, “Nikkei 225: Plummeted towards a key inflection support zone at 49,370/48,450 for potential bullish reversal”, published on 5 November 2025.The Japan 225 CFD Index (a proxy of the Nikkei 225 futures) has staged the expected minor bullish reversal right at the 49,370/48,450 key inflection support zone as it dropped to an intraday low of 49,099 on 5 November before it rallied by 4.9% to hit an intraday high of 51,514 on 13 November.Thereafter, it wobbled, erased its earlier gains, and declined by 4.8% to retest the lower limit of the key inflection support at 48,450 on Tuesday, 18 November, on the backdrop of a weaker footing from the US stock market due to fears of overvaluation in Artificial Intelligence (AI)- related stocks.Interestingly, several localized macro factors remain supportive of the ongoing short- to medium-term bullish trend of the Nikkei 225. Let’s examine them in greater detail.Further steepening of the JGB yield curve as it broke new highs zoom_out_map Fig. 1: JGGs yield curve with Nikkei 225 major trends as of 20 Nov 2025 (Source: TradingView) The “Takaichi Trade” is backed in the front seat as market participants turn their attention to focus on the new Japanese Prime Minister Takaichi’s push on the implementation of an aggressive fiscal policy and a tilt towards lower interest rates to drive economic growth in Japan.Takaichi’s administration is expected to unveil a new economic package in parliament this week, where the additional supplementary budget for this fiscal year is expected to be at around 20 trillion yen, far bigger than the 13.9 trillion-yen package compiled a year ago by Takaichi’s predecessor.The higher fiscal stimulus is likely to trigger a boost to domestic consumption in Japan as early as the first quarter of 2026, in turn, causing the Japanese Government (JGB) yield curves (both the 10-year and 30-year against 2-year) to steepen further (see Fig. 1).The 10-year/2-year JGB yield curve has broken above its prior May 2025 high of 0.82% and currently trades at 0.86%, a 13-year high.In addition, the 30-year/2-year JGB yield curve jumped to a new record high of 2.44% at the time of writing, surpassing the September 2025 peak of 2.39%.The major bullish breakout (steepening conditions) of the JGB yield curves (both 10-year and 30-year against the 2-year) since June 2022 has a direct correlation with the movements of the Nikkei 225.Hence, the continuation of a further steepening of the JGB yield curves is likely to trigger another round of a positive feedback loop in the Nikkei 225.A weak JPY may attract higher foreign net inflows into Japanese equities zoom_out_map Fig. 2: Correlation trends of USD/JPY & S&P 500 with Nikkei 225 as of 20 Nov 2025 (Source: TradingView) zoom_out_map Fig. 3: Net purchases of Tokyo & Nagoya stock exchanges as of 7 Nov 2025 (Source: MacroMicro) Another “cause and effect” from the “Takaichi Trade” is a weaker JPY, as the Bank of Japan (BoJ) is likely to face an increased risk of jawboning from the new administration in pushing back the gradual interest rate hikes advocated by BoJ’s latest monetary policy stance.The Japanese yen has weakened significantly against the US dollar in the past month, where it shot past 154.00 “easily” to trade at a 10-month low of 157.50 per US dollar at the time of writing.The USD/JPY has been moving in direct union with the Nikkei 225 since September 2025, where the 20-week rolling correlation coefficient of the USD/JPY with the Nikkei 225 stands at a high value of 0.82 as of 20 November 2025 (see Fig. 2).In conjunction, the 52-week average of foreign investors’ net purchases of Japanese equities listed on the Tokyo and Nagoya stock exchanges has continued to increase from 77.44 billion in the week of 10 October 2025 to 93.98 billion for the week of 7 November 2025 (see Fig. 3).Hence, a further weakening of the JPY may see a continuation of more foreign inflows to support the bullish trend of the Nikkei 225.Let’s now shift to Nikkei 225’s potential share price trajectory from a short-term technical perspective, focusing on the next one to three days.Preferred trend bias (1-3 days) – Potential bullish break above 20-day moving average zoom_out_map Fig. 4: Japan 225 CFD Index minor trend as of 20 Nov 2025 (Source: TradingView) Bullish bias with 49,085 as key short-term pivotal support for the Japan 225 CFD Index (a proxy of the Nikkei 225 futures).A clearance above 50,730 (also the 20-day moving average) reinforces the potential bullish impulsive up move sequence to see the next intermediate resistances coming in at 51,530 and 52,775/52,830 next (see Fig. 4).Key elements The price action of the Japan 225 CFD Index has continued to oscillate above its 50-day moving average and a medium-term ascending channel support that has been in place since the 7 April 2025 low.The hourly RSI momentum indicator has continued to shape a series of “higher lows” without any bearish divergence condition at its overbought zone (above the 70 level).These observations suggest the medium-term uptrend phase of the Japan 225 CFD Index remains intact with a build-up in short-term bullish momentum.Alternative trend bias (1 to 3 days) Failure to hold at the 49,085 key short-term support negates the bullish tone on the Japan 225 CFD Index for a slide to retest the 48,450 key medium-term pivotal support. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Most Read: NVIDIA (NVDA) Q3 2025 Earnings Preview: Navigating the AI Stress TestMarkets are bracing for the release of September Jobs data from the US now that the US Government shutdown has come to an end. The report comes at a time when US rate cut expectations have fallen significantly since the Fed's October meeting thanks in part to a hawkish Jerome Powell and the lack of official Government data.Expectations for a rate cut have declined from around 90% ahead of the Fed's October meeting to around 49% at the time of writing, which makes tomorrow's jobs report even more significant. Market participants have been tracking private data releases such as the ADP number which has shown persistent labor market weakness and yet rate cut expectations have continued to fall.It was confirmed today that the October Jobs report will not be released, while the November report will only be released on December 16, 2025 which is after the December Fed meeting.This means the Fed will have tomorrow's data only to peruse ahead of the Fed Meeting next month. Rate cut bets have fallen another 13% after the announcement, now down to 36%. zoom_out_map Source: CME FedWatch Tool NFP Preview: What to Expect The September monthly jobs report from the Bureau of Labor Statistics (BLS) is finally coming out after the government shutdown. Since the October report might not be released, this September data is a key, possibly one of the last, major pieces of information about the job market before the Federal Reserve (FOMC) meets in December.Economists and traders generally expect the report to show that the US added about 50,000 new jobs in September, that the average worker's pay increased by 0.3% compared to the month before (or 3.7% year-over-year), and that the main unemployment rate (U3) stayed the same at 4.3%. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) The Federal Reserve is already in a difficult position heading into tomorrow's data release and market participants will be hoping for more clarity. This would require either a significant beat of expectations which may strengthen the case for no rate cut or a significant miss of expectations which could lead to an increase in rate cut expectations.This would undoubtedly be the best case scenario as a reading in line with consensus could leave market participants with more questions than answers.Potential implications for the US Dollar Index (DXY) The market's reaction to the NFP report will not be uniform, but rather dependent on the deviation from consensus forecasts. These are the potential reactions we could see depending on how the data comes out and is received. zoom_out_map Source: Table Created by Zain Vawda The US Dollar is at an interesting inflection point with tomorrow's data pivotal to the greenbacks immediate move.US Dollar Index (DXY) The US Dollar Index (DXY) is at a critical inflection point having just risen back above the crucial 100.00 level and the 200-day MA.This is the third time the index has risen above the 100.00 mark for the third time since the end of July. However, the index has failed to gain acceptance above this level with each foray above the level having been met by significant selling pressure.Immediate resistance rests at 100.61 before the 102.00 handle comes into focus.Acceptance above the 100.00 mark is needed if the DXY is to continue its advance. The overall trend remains bullish with a daily candle close below 99.20 invalidating the bullish narrative.US Dollar Index (DXY) Daily Chart, November 19, 2025 zoom_out_map Source: TradingView (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Multiple breakdown attempts from selling flows have failed to materialize in more concrete bearish price action.And with key earnings coming up for Nvidia (After the close), the setup for mean reversion was a very decent one for Equity bulls.Both the S&P 500 and Nasdaq are up in today's session with the tech-focused index leading strong, pulled once again by Semiconductors and a stellar performance from Google, who just launched a revolutionary Gemini 3 Model. Tech giants like Nvidia, AVGO, and Oracle are bouncing back from rough stretches, while Consumer Defensives, Energy, and Utilities are on the other hand lagging quite much, leading to the Dow barely trading positive (and turning slightly negative) zoom_out_map US Equity Heatmap (11:08 A.M.) – November 19, 2025 – Source: TradingView Fear and Greed have been working effectively as mean reversion indicators, particularly as most of the action throughout the past week has been technically rangebound—even if it seems much more volatile than it really is. It will be interesting to see if there is any real follow through to today's action as Nvidia earnings remain the major factor for the ongoing 7-month long all-time high rally.Let's dive right into the intraday outlook for all three US Major indices: Dow Jones, Nasdaq, and S&P 500. Read More:WTI Oil collapses 3% – Selloff as Ukraine-Russia war nears resolutionNvidia Technical: Holding at 183.30/177.70 key support ahead of earnings releaseGold (XAU) and Silver (XAG) send mixed signals to doubtful TradersA global Outlook on US Indices zoom_out_map US Main Indices Daily Outlook – Huge rebound. November 19, 2025 – Source: TradingView The morning buying frenzy seems to have stepped into a wall as I write this. Let's take a closer look at the individual charts.Dow Jones 4H Chart and Technical Levels zoom_out_map Dow Jones (CFD) 4H Chart, November 19, 2025 – Source: TradingView The price action is looking more bearish by the minute now, with an imminent push towards the Tuesday 45,925 lows that led to the current range.Sentiment has caught a cold, particularly in the Consumer defensive sectors. Target is plunging from its earnings report and tomorrow will be iportant, with Markets awaiting the release of Walmart's numbers.Dow Jones technical levels of interest:Resistance LevelsCurrent All-time high 48,459Resistance zone 47,500 - 47,650 and 4H MA 50Pivot now resistance 47,000 to 47,20046,400 Momentum Pivot and 4H 50-period MA (46,375)Psychological resistance at 48,000Support Levels46,000 +/- 300pts Immediate SupportTuesday Lows 45,92545,000 psychological level (next support and main for higher timeframe)44,400 to 44,500Nasdaq 4H Chart and Technical Levels zoom_out_map Nasdaq (CFD) 4H Chart, November 19, 2025 – Source: TradingView Nasdaq was onto quite a run throughout the open until mean-reversion came through. Not too surprising when looking at the most important numbers not being yet released (September NFP tomorrow and most importantly, Nvidia Q3 Earnings).Looking at the direct price action, yestedray's selling broke below the Double bottom, but failed continuation lower brought the index back right at the support.The current 4H Candle is one of an indecisive breakout which could be bearish. But as most traders will await the earnings to trade, the Market may just take a further break for now.To test bull/bear strength, take the extremes of the 4H current candle (24,520 to 24,925) – See if sudden flows manage to break the lows/highs to spot continuation setups. Hanging within the candle points to rangebound action until the close.Nasdaq technical levels of interest:Resistance LevelsCurrent ATH 26,283 (CFD)Candle highs 24,925All-time high resistance zone 26,100 to 26,300Intermediate resistance and 4H MA 50 25,700 to 25,850Mini-resistance at 25,500 GapCurrent Pivot 25,050 to 25,200 (immediate resistance and Moving Averages)Support Levels24,510 Candle lows24,500 Main support (testing)October lows 23,997Early 2025 ATH at 22,000 to 22,229 SupportS&P 500 4H Chart and Technical Levels zoom_out_map S&P 500 (CFD) 4H Chart, November 19, 2025 – Source: TradingView Sellers have stepped back into the positive session to prove their point. After forming some intermediate lows at the 6,570 to 6,600 Key support, what progressively resembles a dead cat bounce is seeing a rejection from the 6,680 to 6,700 Pivot which had been acting as support until now.Watch if the rejection candle leads to a breakout, with a similar setup as the one in Nasdaq.Look at the extremes of the candle which acts as the current daily range (6,620 to 6,694).Any breakout from there should see continuation, while hanging within means further rangebound action.S&P 500 technical levels of interest:Resistance Levels6,930 (current All Time-Highs)6,694 session highs6,680 to 6,700 support now Pivot (session highs)6,800 Psychological resistanceResistance 6,720 to 6,750 (testing immediate)Support Levels6,620 candle and session lows6,570 to 6,600 Key support6,490 to 6,512 Previous ATH now Support (4H MA 200 Confluence)Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Some reports from Axios have emitted the possibility of the Russia-Ukraine war going towards a US-led year-end resolution.Some of this could have been anticipated – Volodymyr Zelenskyy announced yesterday that paths to direct discussion with Russia could reopen and that Ukraine is “preparing to reinvigorate negotiations”.So the overnight report could just be one of diplomatic progress, in a US attempt to provide a plan similar Peace Plan as the one that was agreed in Gaza. The rest will be to see if both sides actually commit to the discussions.The direct effect was some imminent selling in Oil and related products, with Black Gold down $1.80 from its highs, or very close to 3%.An argument could be that the war continuing was also a bearish catalyst, with Russia flooding Markets to sponsor its attacks on Ukraine.So if the war ends, could supply drastically reduce? Would it necessarily lead to a rebound?This could be an opportunity to fade the news but will be contingent on many other factors, the most important being positioning and how prices actually move at the news.So let's take a look at that precisely in a multi-timeframe US Oil (WTI) technical analysisUS Oil (WTI) Technical AnalysisDaily Chart zoom_out_map US Oil (WTI) Daily Chart. November 19, 2025 – Source: TradingView Oil still evolves within its Main Descending Channel formed throughout July and actually hangs around its middle, indicating somewhat of a balance in the price action.Current trading remains within the May range between $59 and $60.5 that acts as long-timeframe support but also as imminent consolidation zone.The RSI tilting towards the lower part gives the bears a slight technical advantage, but as long as the Daily Momentum remains above the 40 level, it's still largely considered neutral, implying further rangebound action.Still remaining in a downwards channel, the action keeps a slight bearish but balanced tilt.Let's dive deeper in the charts.4H Chart and technical levels zoom_out_map US Oil (WTI) 4H Chart. November 19, 2025 – Source: TradingView Levels to place on your WTI charts:Resistance LevelsKey September Resistance $65 to $66Sep High timeframe Pivot $62 to $63$60.90 Weekly highsSupport Levels$59 to $60.50 2021 Support now Pivot (attempting to break)$55 to $57 2025 SupportOct 20 lows $56.38$57.50 Hourly channel lowsPast Week lows $58.2651H Chart zoom_out_map US Oil (WTI) 1H Chart. November 19, 2025 – Source: TradingView Sellers are making a move to push below the $59 support mentioned on the higher timeframe and could test the previous week lows at $58.56.Keep an eye on the Hourly channel bounds which tend to act as strong support and resistance levels.The 1H RSI is coming towards oversold, therefore continuation here would imply that sellers are keeping the short-term hand.Watch what happens when and if prices reach the past week lows support ($58 to $58.50).Safe Trades!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Key takeaways Nvidia’s 16% pullback ahead of earnings has become the deepest correction in its medium-term uptrend, driven by valuation concerns, AI bubble fears, and notable investor exits (SoftBank and Peter Thiel’s Thiel Macro LLC).The sell-off has amplified downside pressure across U.S. equities, with the S&P 500 and Nasdaq 100 falling 5% and 7% respectively, underscoring Nvidia’s outsized influence as the largest weight in both indices and a central pillar of the AI-driven market rally.Despite the correction, Nvidia’s medium-term uptrend remains intact above the 183.30/177.70 support zone, and a break above 198.70 could reignite bullish momentum toward its all-time high, while a drop below 177.70 risks a larger multi-week correction. Artificial intelligence (AI) juggernaut Nvidia will report its third-quarter earnings after the close of the U.S. session on Wednesday, 19 November 2025.Read more: NVIDIA (NVDA) Q3 2025 Earnings Preview: Navigating the AI Stress TestSince hitting a recent fresh all-time high of 212.19 on 29 October 2025, the share price of Nvidia has wobbled and staged a decline of 16% (high to low) to print an intraday low of 178.91 on 7 November 2025.The latest 16% correction (high to low) in Nvidia marks its deepest drop since its current medium-term uptrend phase kick-started on 7 April 2025, on the backdrop of overvaluation and Artificial Intelligence (AI) bubble fears, coupled with prominent investors, SoftBank and Peter Thiel’s hedge fund, Thiel Macro LLC, that sold off their entire stakes in Nvidia ahead of today’s earnings release.Nvidia’s share price drop triggered a negative cascading effect on the US market The souring sentiment around Nvidia has reinforced a bearish reflexivity loop across broader US equities, dragging the S&P 500 and Nasdaq 100 down roughly 5% and 7% from their late-October record highs.As the largest constituent in both indices, holding weights of 7.5% in the S&P 500 and 14% in the Nasdaq 100. Nvidia’s weakness carries a disproportionate market impact. Over the past three years, the US equity rally has been powered largely by AI-driven optimism, making the current pullback particularly sensitive to shifts in Nvidia’s trajectory.The fate of the US stock market is highly dependent on Nvidia’s earnings growth prospects. Hence, the ex-post earnings share price reaction of Nvidia will be pivotal for the US stock market.Let’s now shift to Nvidia’s potential share price trajectory from a medium-term technical perspective, focusing on the next one to three months.Preferred trend bias (1-3 months) – Medium-term uptrend remains intact zoom_out_map Fig. 1: Nvidia medium-term trend as of 18 Nov 2025 (Source: TradingView) Watch the key medium-term pivotal support zone at 183.30/177.70 for Nvidia to maintain its current medium-term uptrend phase.A clearance above 198.70 upside trigger level is likely to increase the odds of kicking off a new bullish impulsive up move sequence to retest the current all-time high of 212.19 before the next medium-term resistance at 224.50/227.00 (Fibonacci extension cluster).Key elements The recent decline seen at the start of this week has managed to find support at the lower boundary of an ascending channel in place since the 5 September 2025 low.The price action of Nvidia has formed a daily “small body” candlestick pattern on Tuesday, 18 November 2025, suggesting that downside momentum has eased.The daily Chaikin Money Flow indicator, a derivative of price and volume, has rebounded after it hit a 15-month low of -0.23 on 6 November 2025. Its current value is at -0.01 as it looks to reintegrate above the zero line. These observations suggest a potential revival of bullish momentum accompanied by a rise in volume.Alternative trend bias (1 to 3 months) A breakdown below 177.70 key support damages the medium-term uptrend phase of Nvidia to kickstart a multi-week to multi-month corrective decline sequence to expose 164.60 and the long-term pivotal support of 153.00 (also the 200-day moving average). Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Markets are getting rocked up and down across asset classes lately.Cryptos are getting sold off aggressively (Is the selling done or is it only a first wave?).Equities are seeing some record volatility compared to the past few years in frantic +1% up and down moves, as can be seen today.Even Metals are failing to gather traction after reaching some new records towards the end of last month.They are holding relatively well compared to the other asset classes that performed great throughout 2025, but the fact that they can't seem to attract inflows during high-range risk-off profit-taking points to a deeply confused market.The dominant 2025 trend of Stocks, Cryptos, and Metals rallying simultaneously is what has been broadly called the Debasement Trade (a trade rooted in the debasement of the US Dollar and fiat currencies in general).But when all these anti-fiat assets fall at the same time, what is truly happening? zoom_out_map Metal Performance since Mid-October 2025. November 18, 2025 – Source: TradingView Bank of America has sent out warnings on dangerously low cash levels, which usually doesn't rhyme well with risk asset performance (or any asset, except Treasury bonds).This flow could signal the start of a trend where massive profit-taking and position closing—a potential Re-basement Trade (contrary to the debasement trade)—takes hold.In the waiting for such developments to happen (or not), let's dive into two timeframe charts for Gold (XAU/USD) and Silver (XAG/USD) to spot what key levels can come into play for upcoming trading. Read More:Bitcoin loses 2025 gains: $90,000 marks Crypto Market turning pointDollar-franc looks for support at triple bottom ahead of FOMC Minutes, eyes 0.80000US Stocks remain on edge: Why the market is struggling for directionGold maintains its triangle formationGold (XAU/USD) Daily Chart zoom_out_map Gold (XAU) Daily Chart, November 18, 2025 – Source: TradingView Gold has been holding its triangle formation (mentioned in our recent Gold analysis) with precision, indicating that Markets are still more on the mood for consolidation.To tilt the scales one way however, the Daily RSI has been holding strong above the neutral line, indicating that buyers remain in control. This also corroborates with the price action holding above $4,000 – Keep this level closely in check.Traders might have to be more patient in order to see a definite breakout (both upside and downside are still possibilities).In the meantime, the triangle formation is the one key technical aspect to watch.Gold (XAU/USD) 2H Chart and levels zoom_out_map Gold (XAU) 2H Chart, November 18, 2025 – Source: TradingView Gold is still holding within a $4,000 to $4,240 range but seems to be contracting as things unroll.The MA 200 largely flatlining confirms this point, therefore watch for a breakout of the Triangle formation if you want to trade a directional price action.If not, one can look at opportunities within the triangle formation (strong support and resistances are there for now).Gold technical levels of interest:Resistance LevelsCurrent All-time High resistance $4,250 to $4,400 (ATH $4,380)Hourly Resistance and Triangle top $4,200 to $4,240Session highs $4,080Support LevelsHourly Support and Triangle bottom $4,000 to $4,030Major Pivot $3,950 to $4,000$3,700 consolidation Support$3,500 Major SupportSilver (XAG) holds a strong rangeSilver (XAG/USD) Daily Chart zoom_out_map Silver (XAG) Daily Chart, November 18, 2025 – Source: TradingView Silver has had quite a run to its new all-time highs, even outperforming Gold towards its rise.However, momentum as calmed down quite suddenly, leading to a $47 to $52 broad range in the past week of action.The action is more sideways than anything, but bulls are trying to accumulate some momentum as can be seen in the few breakout attempts that need more strength.Still, some small consistent buying is currently playing out, so watch for any breakouts beyond hourly support and resistance levels – more details on them right below.Silver (XAG/USD) 4H Chart and levels zoom_out_map Silver (XAG) 4H Chart, November 18, 2025 – Source: TradingView Levels to watch for Silver (XAG) trading:Resistance Levels:Immediate Pivot $50.50 to $51.252025 record $55.48$52 to $53 mini-resistance$51.18 session highsPotential resistance 1 $57.50 to $60 (1.382% from 2022 lows)Potential resistance 2 $62 to $65 (1.618 from Impulsive Move)Support Levels:$48.30 to $49 support$47 low of potential daily channel$45.55 October 28 lows$43.00 to $45.00 Weekly pivot$39.50 to $40 higher timeframe support2012 Highs Support around $37.50Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Most Read: NVIDIA (NVDA) Q3 2025 Earnings Preview: Navigating the AI Stress TestGold prices have had a topsy turvy start to the week but the $4000/oz handle has held firm. Bulls have returned and price has bounced off the confluence area at $4000 but needs acceptance above the $4100/oz handle for the rally to gather steam.The question on the minds of market participants is whether or not Gold bulls will remain in control after the Fed minutes release and Labor data on Thursday?Technical Outlook - Gold (XAU/USD) Looking at the four-hour chart below, the technical picture is interesting.Having bounced off the ascending trendline which lined up with the $4000/oz handle, Gold broke above the 100-day MA and is now testing the descending trendline drawn from the November 13 high around $4245/oz.A break of the descending trendline and the 50-day MA around the $4096/oz handle could open up a potential rally toward the previous descending trendline touch at $4212/oz.Of course there is a resistance area around the $4150/oz handle which could prove to be a stumbling block but bulls may be emboldened or if not will be eyeing US labor data and the Fed minutes as a potential catalyst.To keep the bullish momentum going, the 100-day MA at 4041 is now a crucial near-term support area. If this area holds, it should bode well for bullish momentum.Gold (XAU/USD) Four-Hour Chart, November 18, 2025 zoom_out_map Source: TradingView (click to enlarge) Market Dynamics and Data Releases The price of Gold (XAU/USD) has appeared relatively unaffected by the moves in the US Dollar Index of late. However, this does not mean that correlation is no longer something to keep an eye on.This week's Fed minutes and Labor data releases will play a major role in rate cut expectations which will impact market sentiment and the US Dollar Index. This in turn will play a major role in the movement of Gold prices moving forward.The aggressive repricing of rate cut probabilities for the Feds December meeting (93.7% probability a month ago vs 51.1% probability at present) has kept Gold gains in check. zoom_out_map Source: CME FedWatch Tool However, a weak print on the labor data front could see rate cut expectations spike and thus propel Gold higher once more.Markets already know broadly what to expect from the Fed minutes release as it was Fed Chair Powell's tone and the 10-2 vote split at the Fed's October meeting that kickstarted the hawkish repricing of rate cut expectations.Thus the event could be sidelined by market participants in favor of Thursday's labor data release. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Be nimble and trade safe.Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Currently trading at 0.79952, having recovered losses from earlier in today’s session, USD/CHF is up +0.42% in today’s session.Having recently suffered its worst weekly performance since June, falling by 1.38% in week 46, dollar-franc now looks for support near the key level of 0.8000, having recently formed a triple bottom on the daily timeframe.Otherwise, markets now eye an all-important FOMC Minutes release tomorrow.What’s next for USD/CHF?USD/CHF: Key takeaways 18/11/2025 Succumbing to bearish pressure in last week's trading, USD/CHF has found some support in the past few sessions and is currently looks to secure a three-day winning streakWhile changing expectations of Fed monetary policy is offering some short-term upside to the dollar, consistent safe haven flows and a recent US-Switzerland trade agreement continue to cement the franc’s position as best-performing major currency year-to-dateWith the next Federal Reserve meeting scheduled only three short weeks from today, markets now turn their attention to tomorrow’s FOMC Minutes release, with markets already readjusting expectations of another 25 BPS cut to end 2025 Read Kelvin’s coverage from earlier in today’s session: USD/JPY: Potential minor top at 155.30, USD at risk of bearish reversal towards 154.20/153.65USD/CHF: Safe haven flows, trade deals & a hawkish Fed While if I had a franc for every time I’ve mentioned safe-haven flows when talking about USD/CHF this year, I’d probably be able to buy a fair few cups of coffee, the fact remains that geopolitical tensions, dubious sovereign debt levels, and a shake-up to global trade all continue to add to the premium for renowned safe-haven currencies like the Swiss Franc.While in years previous, much of this demand for more secure and reliable stores of wealth would have split somewhat between different currencies, the dollar and the yen have undeniably fallen by the wayside in favour of the franc in terms of safe-haven appeal.Case in point: the Swiss franc remains the best-performing major currency year to date, with the euro in a close second place. zoom_out_map SXY, EXY, BXY, AXY, CXY, JXY, NXY, DXY, TVC, TradingView,18/11/2025 As ever, let’s break down some of the macroeconomic themes at play in USD/CHF markets.USD/CHF: Fundamental Analysis 18/11/2025 Safe-haven flows continue to benefit the franc: While I have explained this in full as part of previous coverage, it would be remiss not to mention that an increase in safe-haven demand has been the deciding factor in CHF strength throughout 2025.Between ballooning US government debt, a downgrade of US sovereign credit, global trade tensions, and continued world conflicts, there is clearly no shortage of tailwinds for safe-haven assets, with the rally in precious metal pricing and franc value sharing some common ground.While deflationary pressures in the Swiss economy, alongside a rumoured return to negative rates, have somewhat called the franc’s status as ultimate safe-haven into question at times this year, the market has clearly voted with its feet in 2025, with falling dollar value compounding this effect further. US-Switzerland trade deal: Announced earlier this week, the conclusion of a significant tariff agreement between the United States and Switzerland has offered some upside to the Swiss franc, with whispers of a trade deal between the two countries confirmed and finalised.Read the full press release here: Joint Statement on a Framework for a United States – Switzerland – Liechtenstein Agreement on Fair, Balanced, and Reciprocal Trade, whitehouse.govWhile I can’t speak for anyone else, when I think of the Swiss economy, I think of pharmaceuticals, luxury watches, and jewelry, which is, as it happens, far from just anecdotal. The Swiss economy consistently ranks highly in terms of the ratio of total exports to total GDP, particularly when compared to its European counterparts.As such, and with an economy that relies heavily on exports to countries like the US, any notion of positive developments on trade tariffs will disproportionately benefit the franc, as seen in last week’s trading. Fed’s hawkish repricing: While the above would support a strengthening of the franc over the dollar, recent upside in USD/CHF pricing suggests there’s something more at play.That fly in the ointment is recent developments in Fed monetary policy, with an almost certain 25-basis-point cut in December, perhaps not so certain after all. zoom_out_map CME FedWatch, 18/11/2025 To add to a pre-existing hawkish tilt from the Federal Reserve, who, to give credit, has consistently attempted to temper market expectations of a rapid easing cycle, Vice Chair Jefferson shared some choice words in a speech yesterday: “Given that outlook, I supported last month's decision to reduce our policy rate by 1/4 percentage point. That step was appropriate because I see the balance of risks as having shifted in recent months as downside risks to employment have increased. The current policy stance is still somewhat restrictive, but we have moved it closer to its neutral level that neither restricts nor stimulates the economy. The evolving balance of risks underscores the need to proceed slowly as we approach the neutral rate.” Vice Chair Jefferson, speaking at the the Federal Reserve Bank of Kansas City, Kansas City, Missouri Fair to say: the Federal Reserve is less dovish than previously thought some weeks ago, primarily on labour market concerns.As can be expected, a more hawkish Fed is positive for the US dollar, especially considering the SNB currently offers an interest rate of 0.00% compared to the Fed’s 4.00%, marking a significant differential. zoom_out_map USINTR & CHINTR, TradingView,18/11/2025 Markets, now cast their watchful eye totomorrow’s FOMC Minutes release, and will of course be looking for further clues regarding December’s decision.Wednesday, November 19th, US FOMC Minutes, 14:00 ESTUSD/CHF: Technical Analysis 04/11/2025USD/CHF: Daily (D1) chart analysis: zoom_out_map USD/CHF, D1, OANDA, TradingView, 18/11/2025 In the spirit of honesty, I would personally steer clear of trading USD/CHF at the moment, at least until price looks to break out of the current range.Technically, USD/CHF has traded sideways since late July, but it is also entirely at the mercy of Fed commentary in the minutes tomorrow, so the fundamental picture remains somewhat unclear.If I had to trade, I would be looking to the upside, especially considering the recent triple bottom and pin bar, but again, I’d want further confirmation. In any case: Price targets and support/resistance levels:Price target/Resistance #1 - $0.80575 - 78.6% Fib from previous analysisSupport #1 - $0.79935 - 78.6% Fib from previous analysisSupport #2 - $0.79465 - Bottom of range Read Zain’s coverage on markets today: Markets Today: Bitcoin Slips Below $90000, Yen Eyes Recovery, Gold Hits 1-Week Lows as Markets Brace for US Data Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Price action has been sending dark foreshadowing signs since mid-October, evident in the rapid but inconsistent manner recent all-time highs were reached.As explained in preceding crypto analysis from our blog, the $100,000 level for BTC not only served as a key milestone but was also a pivotal sign of progress in the crypto landscape.Having decisively breached it and extending losses to multi-month lows below $90,000, leveraged investors, late buyers, and trend followers are all scratching their heads.The price action hasn't formed a complete U-turn from the highs yet, but the question is now arising: Is it time for fear and prolonged profit-taking in the crypto market?Or should I say it: Is it time for a Crypto bear market? zoom_out_map Daily overview of the Crypto Market, November 18, 2025 – Source: Finviz After a deadly picture throughout the past 5 days, a rebound seems to be playing out. Is it a dead cat bounce or actual Dip buying ?Comparing to stock bear markets where prices need to correct 20% from highs, things are different in more volatile cryptos – 20% moves in crypto are far too common.Bitcoin has already dropped around 30% from its October high of $126,000 (!)Most altcoins have corrected even further, with Ethereum down around 35% from its August 2025 high and Solana around 50%.Some key technical supports are coming through right now, so let's discover them to assess if we are indeed in Crypto winter or not through a multi-timeframe Bitcoin (BTC) analysis. Read More:US Stocks remain on edge: Why the market is struggling for directionNVIDIA (NVDA) Q3 2025 Earnings Preview: Navigating the AI Stress TestA parenthesis on the Total Market Cap zoom_out_map Total Crypto Market Cap, November 18, 2025 – Source: TradingView The Total Market cap dropped from a $4.27 trillion record to just around $3.13 trillion, a large 26% correction.Looking out, the market still remains above the 2021 record which is proof of the progress Cryptos have made since.Keep an eye on if the Market bounces from here or what happens if we breach the $3.01 trillion level.Bitcoin multi-timeframe technical analysisDaily Chart zoom_out_map Bitcoin Daily Chart, November 18, 2025 – Source: TradingView Bitcoin has steeply corrected since breaking its $100,000 Support, leading to bearish acceleration beyond the downward channel.Still, the $90,000 to $93,000 support is being targeted by dip-buyers as an entry zone when looking at the current rebound in Cryptos.The price action is balanced in the very-short run from the dip-buying, but to relaunch the higher timeframe corrective trend, participants will need to race back above $100,000.Keep a close eye on the price action if Markets come back to this level.A weekly close below the $90,000 opens the door to further downside.4H Chart and technical levels zoom_out_map Bitcoin 4H Chart, November 18, 2025 – Source: TradingView Levels of interest for BTC trading:Support Levels:$90,000 to 93,000 major support (immediate test)Current Weekly Lows $89,340$85,000 mid-term Support (+/- $1,500)$75,000 Key long-term supportResistance Levels:$98,000 to $100,000 Main Support, now Pivot (MA 50 at $100,000)Resistance at previous ATH $106,000 to $108,000Current ATH Resistance $124,000 to $126,000Current all-time high $126,250$116,000 to $118,000 Resistance1H Chart zoom_out_map Bitcoin 1H Chart, November 18, 2025 – Source: TradingView The ongoing dip-buying is strong which allows price action to come back in the more-neutral downward channel. A confirmed break below would have been even more bearish.If bulls maintain the current rebound, a potential retest of the higher bound of the channel could point to a $105,000 retest which should prompt new analysis if prices get there.Still, keep a close eye on three elements:Holding above the $93,380 50-H MA relaunches short-term momentum.Watch what happens at the Major Pivot Zone ($98,000 to $100,000) as it also contains the 200-Hour MA. Above this, mid-term momentum will be back from bearish territory.Keep an eye on any move below the Weekly lows that may trigger further stops.Safe Trades!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Key takeaways The Japanese yen has been the weakest major currency over the past month, with USD/JPY climbing nearly 3%—outpacing the US Dollar Index’s 0.9% gain—amid political pressure for looser monetary policy.USD/JPY’s surge above 155.00 has heightened FX-intervention risk, prompting verbal warnings from Japan’s Finance Minister over rapid, one-sided yen depreciation.A high-stakes meeting between BoJ Governor Ueda and Prime Minister Takaichi later today could trigger short-term volatility, with technical signals pointing to rising odds of a minor bearish reversal unless USD/JPY breaks above 155.30. In the past month (based on a rolling basis), the Japanese yen has been the weakest major currency against the US dollar. The USD/JPY rose by almost 3% as of Tuesday, 18 November 2025, at the time of writing, surpassing the 0.9% return seen in the US Dollar Index over the same period (see Fig. 1). zoom_out_map Fig. 1: 1-month rolling performances of major currencies against the US dollar as of 18 Nov 2025 (Source: TradingView) The current bout of weakness seen in the Japanese yen has been attributed to political jawboning by the new Japanese Prime Minister, Takaichi’s penchant for an accommodating monetary policy to drive economic growth, going against the Bank of Japan (BoJ)’s current monetary policy stance of gradually rising interest rates as inflation trend in Japan has stablished above BoJ’s 2% long-term target.FX intervention risk has increased with BoJ Ueda-PM Takaichi meeting on the horizon The USD/JPY has surged past the 155.00 psychology level on Monday, 17 November, from the 7 November 2025 low of 152.82, and it continued to trade higher in today’s Asia session, 18 November, as it printed an intraday high of 155.38 to record a 10-month high.The sharp rise in USD/JPY has triggered a verbal warning from Finance Minister Katayama, who reiterated concerns over rapid, one-sided yen moves in the FX market.Separately, a closely watched meeting between BoJ Governor Ueda and Prime Minister Takaichi is scheduled for 3:30 p.m. local time. Any post-meeting comments related to monetary policy could spark meaningful short-term volatility in USD/JPY.Let’s now outline the short-term trajectory for USD/JPY over the next 1 to 3 days, along with the key technical elements and levels to monitor.Preferred trend bias (1-3 days) – Minor bearish reversal below 155.30 zoom_out_map Fig. 2: USD/JPY minor trend as of 18 Nov 2025 (Source: TradingView) Bearish bias with 155.30 as key short-term pivotal resistance for the USD/JPY. A break below 154.75 may expose near-term weakness towards the next intermediate supports at 154.20 and 153.65 (also the 20-day moving average) (see Fig. 2).Key elements The minor uptrend phase of USD/JPY from its 29 October 2025 low of 151.89 to Tuesday, 18 November 2025, intraday high of 155.38 may have reached a terminal exhaustion point, as price action has hit the upper boundary of the bearish “Ascending Wedge” configuration.In conjunction, the hourly RSI momentum indicator has traced out a bearish divergence before exiting its overbought region on Tuesday, 18 November 2025, during the Asia session.These observations suggest that short-term upside momentum has started to wane, which increases the odds of a minor bearish reversal on the USD/JPY.Alternative trend bias (1 to 3 days) However, a clearance above 155.30 key resistance invalidates the bearish reversal scenario for a further squeeze up towards the next intermediate resistances at 155.80/155.95 and 156.50/156.70. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Most Read: Gold (XAU/USD): 9% dead cat bounce rally at risk of reversal, watch US$4,036 downside triggerThe chip giant, NVIDIA (NVDA), will report its third-quarter earnings on November 19th after the market closes. This report is viewed as a crucial test for the entire AI market, since NVIDIA is seen as a key leader in the industry.Expectations for the company are extremely high leaving very little room for error; NVIDIA must deliver strong results, particularly in its future sales forecast and provide assurance that companies will continue to spend heavily on AI. Due to these high stakes, the stock market is preparing for significant volatility, with predictions that the stock price could swing by 6% to 8% immediately after the results are announced.What to Expect? NVIDIA’s Q3 financial expectations face a unique challenge: the consensus estimates already sit above the company's own official guidance. zoom_out_map Source: LSEG, Created by Zain Vawda The consensus estimate for Q3 revenue ($54.8 billion) implies that the market has fundamentally discounted NVIDIA’s guided midpoint ($54.0 billion). For the stock to react favorably, analysts generally require revenue to hit at least $55 billion, with targets closer to $56 billion preferred to validate the ongoing momentum. Failure to surpass the consensus estimate, even if company guidance is met, would be interpreted as slowing growth and likely trigger a pullback.Key Focus Areas Blackwell Execution and Margin IntegrityNVIDIA’s growth is almost entirely dependent on its Data Center division and the successful, timely rollout of its new Blackwell (B200) chip. Investors must see the company flawlessly execute this production and deliver the expected $8 billion jump in Data Center revenue, while also maintaining a very high profit margin (near 74%) to justify its premium pricing.Q4 Guidance and Demand DurabilityThe forward guidance for Q4 FY2026 will be the largest determinant of the stock's immediate reaction. Wall Street is currently anticipating Q4 revenue guidance in the range of $61.29 billion to $61.57 billion. Any guidance falling below $60 billion would be considered severely disappointing and likely lead to a sharp correctionThe necessity for a strong Q4 guide stems from persistent market skepticism concerning the longevity of the AI capital expenditure (capex) boom. Investors worry about "circular AI spending" and the risk of temporary inventory overbuilding by hyperscalers. Management must use the earnings call to provide qualitative reassurance regarding the long-term commitment of cloud providers, offering clear commentary on order visibility into 2026 and robust forward capacity planning. Evidence of diversified demand, particularly from early Sovereign AI deals and enterprise inference adoption, is crucial to counter the narrative of overreliance on core hyperscaler contracts. This qualitative clarity on the future demand curve is arguably more important than the Q3 numbers themselves, given the stock’s stretched valuationGeopolitical Risk and CompetitionGeopolitical headwinds have intensified, imposing a permanent structural limit on NVIDIA's market access. Q3 guidance already explicitly excluded Chinese H20 chip shipments due to U.S. export restrictions. Further compounding this issue, new guidance from the Chinese government in November 2025 now mandates that state-funded data center projects use only domestically made AI chips.This converts a temporary disruption into a structural market exclusion in a major government sector. Investors require concrete evidence that global diversification is accelerating fast enough to permanently offset the lost revenue from this structural decoupling.Competitive risks are also materializing. While AMD’s Instinct line presents a direct challenge in computational horsepower, the most significant long-term risk to NVDA’s pricing power stems from hyperscalers designing and deploying their own custom accelerators (ASICs) to reduce the "Nvidia tax".Potential Implications for NVIDIA Share Price For NVIDIA's stock rally to continue and reach the highest price targets, the company must achieve a decisive "beat and raise": it needs Q3 revenue above $55 billion and the future sales forecast (Q4 guidance) must be significantly above the $62 billion expected by analysts.This success must be backed up by clear comments that ease market worries about how long the AI spending boom will last, confirming that the new Blackwell chip is being produced perfectly and that the company has strong sales orders lined up through 2026.If NVIDIA only meets the Q3 target but gives a cautious Q4 forecast (below $61.5 billion), the stock will likely fall sharply, because its current high valuation assumes the best possible outcome.NVIDIA (NVDA) Daily Chart, November 17, 2025 zoom_out_map Source: TradingView Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

The week has started with wiggly trading, leaving traders firmly on the fence when it comes to risk-sentiment. Despite the broader market indecision, a few specific names are holding the major indices together, notably Alphabet (Google), which trades higher by 4% after Berkshire Hathaway disclosed a $4.3 billion stake in the company. Names like Tesla and the semiconductor giant Micron (MU) are also providing support. However, most stocks are trading close to unchanged or slightly in the red at the open. zoom_out_map US Equity Heatmap (11:20 A.M.) – November 17, 2025 – Source: TradingView Investors remain anxious over the path of AI investment. The massive capital expenditure required for large AI projects was initially easier to fund when the market was pricing in lower rates. However, recent hawkishness from Fed officials signaling that they are unlikely to cut rates again this year has cast a shadow over the sector. This has intensified scrutiny over already stretched tech valuations.Markets are expected to get at least some clarity soon, with public US data expected to resume promptly. Crucially, the BLS has announced they will publish the September NFP report on Thursday, November 20th. While the chance of a rate cut remains uncertain (currently around 40%), a clear signal of a more restricted labor market could be the key decision-maker for the Fed. Everything will now depend on the incoming data.In any case, traders can rejoice of such volatility which provides opportunity on both the buy and sell side – Take a look at the VIX where spikes have become more frequent and has actually formed some upward sloping trends. zoom_out_map VIX (Volatility Index) and its rise – November 17, 2025. Source: TradingView Let's dive right into the intraday outlook for all three US Major indices: Dow Jones, Nasdaq, and S&P 500. Discover: Unclear BLS post-shutdown schedule – Markets Weekly OutlookGold (XAU/USD): 9% dead cat bounce rally at risk of reversal, watch US$4,036 downside triggerRecovery in US equity futures, the gold 'dead cat bounce' and the week aheadA global Outlook on US Indices zoom_out_map US Main Indices Daily Outlook – Volatile swings. November 17, 2025 – Source: TradingView Dow Jones 4H Chart and levels zoom_out_map Dow Jones (CFD) 4H Chart, November 17, 2025 – Source: TradingView Even after a rough weekly open, the Dow is resilient around the 47,000 level, key for upcoming momentum.With many up and down dojis between the mini support (46,800 to 47,000) and resistance (47,200) zones since Friday, price action is consolidating sharply.Essential to continue heading higher after overbought levels, bulls can rejoice that the pullback hasn't extended (yet), which would yield a more bearish short-term outlook.Watch for breakouts and session closes above/below the consolidation which should surely see continuation.Dow Jones technical levels of interest:Resistance LevelsCurrent All-time high 48,459Resistance zone 47,500 - 47,650 and 4H MA 50mini-resistance 47,200Psychological resistance at 48,000Support LevelsHigher timeframe pivot 47,000 to 47,200 (immediate test)mini-support 46,800 to 46,90046,380 trendline and MA 20045,000 psychological level44,400 to 44,500Nasdaq 4H Chart and technical levels zoom_out_map Nasdaq (CFD) 4H Chart, November 17, 2025 – Source: TradingView Nasdaq led to the downside in the past few weeks, now trading below its key intraday moving averages and still within its corrective channel. However, one interesting technical development has formed a pattern that should help to guide traders looking forward.A double bottom was reached on Friday at the 24,500 support. But as anything in trading, its effect will be contingent on continuation.After such a formation, bulls will want to see strong upward candles to retake the hand.Failing to make progress higher could mean that buyers are getting exhausted and could prompt further rangebound action.A break below the Friday lows (24,551) would on the other hand imply further downside.Nasdaq technical levels of interest:Resistance LevelsCurrent ATH 26,283 (CFD)All-time high resistance zone 26,100 to 26,300Intermediate resistance and 4H MA 50 25,700 to 25,850Mini-resistance at 25,500 GapCurrent Pivot 25,050 to 25,200 (immediate resistance and Moving Averages)Support Levels24,879 session lows24,500 Main support October lows 23,997Early 2025 ATH at 22,000 to 22,229 SupportS&P 500 4H Chart and technical levels zoom_out_map S&P 500 (CFD) 4H Chart, November 17, 2025 – Source: TradingView The S&P 500 is holding similar conditions as the Nasdaq, but as typical, with less volatility/ more rangebound characteristics.Holding below the Pivot Zone and Key MAs, bulls still have to do more work if they want to reach new records.Also showing a double bottom, expectations for continuation will be high after the Friday bounce. Failing to continue higher may trigger continued profit-taking – Keep an eye on the 6,750 level for session closes.S&P 500 technical levels of interest:Resistance Levels6,930 (current All Time-Highs)ATH Resistance 6,900 to 6,9306,800 Psychological resistanceMid-term resistance 6,860 to 6,880Pivot and MA 200 6,720 to 6,750 (testing immediate)Support Levels6,647 session lows6,680 to 6,700 support recent bounce6,570 to 6,600 Key support6,490 to 6,512 Previous ATH now Support (4H MA 200 Confluence)Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Market Insights Podcast (17/11/2025): In today’s episode, OANDA Senior Market Analyst Kelvin Wong and podcast host Jonny Hart discuss the recovery in US equity futures across the Asian session, recent gold price action, and look ahead to this week's trading, including FOMC minutes. Join OANDA Senior Market Analyst Kelvin Wong and podcast host Jonny Hart as they review the latest market news and moves. MarketPulse provides up-to-the-minute analysis on forex, commodities and indices from around the world. MarketPulse is an award-winning news site that delivers round-the-clock commentary on a wide range of asset classes, as well as in-depth insights into the major economic trends and events that impact the markets. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for November 14A bloody overnight and early morning session quickly got met with a V-shape reversal in US indices today.This sharp volatility saw Gold and other metals suffer large outflows, with gold declining sharply and experiencing significant selling pressure.Today's and this week's all-market action strongly resembled a global portfolio rewiring, similar to what often happens at the beginning of new quarters (even though Q4 is still far from finished).The Nasdaq led the decline overnight, with futures trading seeing sharp drops, before dip-buyers corrected the entire move.This rapid V-shape recovery wasn't fueled by many catalysts, but the same could be said about the selloff.The Dow, which had performed very well earlier this week, did not get as much traction in the subsequent tech-led recovery. However, this tech comeback wasn't global, with Cryptos again seeing bloodshed as participants engaged in broad risk-deleveraging.The lack of data clarity from the BLS is still creating palpable anxiety in markets, which should persist until more information gets released.The cloud should begin to dissipate throughout the coming days and weeks.Actually the BLS just announced that the September NFP report (normally published in early October) will be reported on Thursday, November 20. Read More:Unclear BLS post-shutdown schedule – Markets Weekly OutlookBitcoin Drops Below $95,000 – Market Under Pressure as Investor Confidence WanesGold (XAU/USD) Price Forecast: Triangle Formation Shows Trader Indecision – Will $4,000 Hold?Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, November 14, 2025 – Source: TradingView Another bad day for Cryptocurrencies – It seems that this theme is turning into quite a trend since October's sudden peaks.It is normal for Cryptos to see early outflows and up/down overperformance due to their volatile nature and illiquidity, but nonetheless, expect some pain if these moves keep increasing in size, particularly with BTC below $100,000.The most impressive on the session has been the renewed shift in Oil, but this has been seen again and again this year. Except for a change in fundamentals, expect seesawing action in Energy Commodities.And for the rest, Stocks really have shown their resilience today (look at the moves on the Red-Nasdaq line). The rest will be to see if this holds next week with the ongoing volatility.A picture of today's performance for major currencies zoom_out_map Currency Performance, November 14 – Source: OANDA Labs FX movement has been very contained and rangebound throughout this week – Data releases haven't been the norm with the BLS drought, but there was still an impressive lack of volatility today.Some outflows from traditional G7 currencies towards other fiats such as the Chinese Yuan, Hong Kong dollar (HKD) and many others.A look at Economic data releasing throughout the weekend and Monday's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. The weekend calendar is relatively light, with attention ongoing G20 meetings.Sunday brings New Zealand’s Business NZ PSI, which remains in contraction territory, and a full set of Japanese preliminary GDP figures.Monday however should be busier, as per usual, with European Commission Growth Forecasts at 6:00 A.M. to start the week, and continued with Canadian CPI data later at 9:30 A.M.There will be quite a few speakers from the ECB and even more from the Fed.US central bank speakers have gathered quite some attention with the December meeting being gradually more uncertain as time goes – It is only priced at 50% for now.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Week in review – Markets remain very anxious This week finally saw the US government reopen after the longest ever government shutdown, which lasted 43 days.News of the deal initially brought a much-needed rally in stocks on Monday, but throughout the week, markets have been plagued by sudden selloffs without much explanation.NOTE: The Bureau of Labor Statistics will publish the Septemnber NFP (normally published in early October) on Thursday, November 20.As explained in our last weekly outlook, participants remain anxious on themes of high valuations, particularly as key participants like Nvidia CEO Jensen Huang issued warnings on US policies and regulations that he believes will restrain progress in AI.Huang stated that China is only "nanoseconds behind America in AI".Many doubts remain after some warnings from private data releases, like the new weekly ADP series, which indicated an average drop of 11K jobs in the private sector in the past four weeks. This has fueled even more anxiety about how the 1.5-month "data dark age" will ultimately look.Adding to the confusion, White House Press Secretary Karoline Leavitt announced that due to the lack of collection during the shutdown, the October jobs (NFP) and inflation (CPI) data may never be released.Leavitt claimed the data was "permanently impaired," leaving policymakers "flying blind at a critical period".There has been a decent move higher in equities to finish the week after an even more scary open, but participants are all looking at each other to see who moves first. Most Read:The Stock Market is bleeding – What is going on? Expect to receive more news from the BLS as they resume their operations again.From what it seems, they will be prioritizing November releases.However, the September NFP is expected to be released quickly, as early as next week, as its data was collected prior to the shutdown taking effect.Weekly Performance across Asset Classes zoom_out_map Weekly Asset Performance, November 14, 2025 – Source: TradingView Cryptocurrencies see the most outflows once again in the ongoing risk-deleveraging happening throughout Markets.For the rest, despite enormous volatility, most assets have mean-reverted throughout the week, leading to low weekly changes.But for those who have been actively trading and/or watching the action unfold, everybody can confirm that the week has been far from calm. zoom_out_map Crypto Total Market Cap down another 10% this week – Source: TradingView Read More:Gold (XAU/USD) Price Forecast: Triangle Formation Shows Trader Indecision – Will $4,000 Hold?Bitcoin Drops Below $95,000 – Market Under Pressure as Investor Confidence WanesDXY outlook: The dollar drops after the US Government reopensThe Week Ahead – US September NFP and many Inflation releasesAsia Pacific Markets – A focus on Japan and New Zealand combined with PBoC Rate Decision The upcoming week for APAC markets is dominated by high-impact inflation updates, now focusing mostly on Japan and New Zealand data.AUD traders will still have to log in. Monday starts with the release of the RBA Meeting Minutes, offering a detailed look at the Board's recent interest rate discussions and after another week of positive economic surprise (large beats in Employment, delaying cuts further).The primary domestic indicator will be the Wage Price Index (WPI), due on Tuesday evening (20:30 ET), which is the most critical measure of underlying domestic inflation pressure.For those following China, the PBoC Interest Rate Decision on Wednesday evening (21:15 ET) will attract quite some attention.While no change is expected, communication regarding growth and concerns will be closely watched by all participants; China released some pretty bad data the past week, particularly regarding international trade.Japanese data sets the stage early and provides the week's biggest inflation event. Sunday night brings the preliminary Q3 GDP figures to check the economy's pulse.However , the key macro event for JPY traders is Thursday evening's (19:30 ET) National CPI release, but this one is not as closely compared to the Tokyo CPI (releasing next week).NZD traders will also be quite busy, with the New Zealand Producer Price Index (Q3) releasing Tuesday evening, and followed by their Trade Balance data on Thursday.US, Europe and UK Markets – US September NFP Inflation in Canada, Europe and UK + Some PMI spice The upcoming week for traders is highly polarized, focusing on inflation in Europe, the UK and Canada – The picture is still unclear for US data except for a November 20 Sep NFP release!Starting Monday, CAD traders will welcome the Consumer Price Index (CPI) at 9:30 A.M. ET.Major data continues in Europe on Wednesday (6:00 A.M. ET) with the release of the Eurozone Core HICP (CPI).The EU will also publish crucial forward-looking sentiment figures on Friday with the HCOB PMIs (4:15 - 5:00 A.M. ET), giving a fresh look at economic activity.As for the US, the week is a waiting game of surprises, particularly with the BLS uncertainty.Traders will look at the interest-rate-sensitive Housing Starts and Permits on Wednesday (8:30 A.M. ET).The market’s real focus will be on potential past releases throughout next week, the New weekly ADP series on Tuesday, and Friday's Michigan Sentiment Survey (11:00 A.M. ET), which offers direct insight into consumer confidence and, more importantly, long-term Inflation Expectations.Of course, the Swiss Franc is on watch as well, with SNB Chair Thomas Jordan speaking on Friday, and any policy hint will move the safe-haven currency that has seen quite some inflows again this week. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (High-tier data only) Not on the picture, but keep an eye on the flurry of Central Bank speeches throughout the week as the final quarter rate decisions approach.Safe Trades and enjoy your weekend!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Bitcoin plunges below $95,000, erasing nearly all 2025 gains amid rising market uncertainty and fading hopes for a Fed rate cutMassive outflows from Bitcoin ETFs and $1.3 billion in liquidated leveraged positions deepen the sell-off, highlighting weak market liquidity and investor anxietyStrategy Inc. under pressure, as its market value nears the worth of its BTC holdings; Michael Saylor announces new Bitcoin purchases and urges investors to “HODL." On Friday, Bitcoin fell below the $95,000 mark, reaching $94,508 – its lowest level in about six months. Since hitting a record high of $126,251 in early October, the cryptocurrency has lost nearly 25% of its value. It is now dangerously close to erasing all gains made in 2025, with the year-end price of 2024 standing at $93,714. zoom_out_map Bitcoin, daily timeframe, source:TradingView Massive ETF Outflows and Leveraged LiquidationsOne of the key drivers of the decline is the significant capital outflow from Bitcoin-based ETFs. On Thursday alone, approximately $870 million was withdrawn – the second-largest daily outflow since these instruments were launched. The market is still reeling from the mass liquidation on October 10, when around $19 billion in leveraged positions and over $1 trillion in total crypto market capitalization were wiped out. In the last 24 hours, another $1.3 billion in leveraged positions was liquidated, further intensifying selling pressure.Macro Pressure and Weak Liquidity Worsen the OutlookBitcoin’s correction is closely linked to the broader sell-off in risk assets, particularly U.S. tech stocks. Investors are increasingly revising their expectations for the Federal Reserve’s monetary policy. Following recent hawkish remarks from Fed officials, hopes for a rate cut in December have significantly diminished.Adding to the concern is the declining liquidity in the crypto market. Market depth – the ability of the market to absorb large orders without significant price movements – has dropped by around 30% compared to peak levels earlier this year. As a result, even moderate trade volumes can now lead to sharp price swings.Strategy Inc. in Focus as Michael Saylor Steps InStrategy Inc., one of the largest corporate holders of Bitcoin, has also come under pressure. Its stock around 2%, raising concerns that its market value could dip below the value of its BTC holdings (approximately $61 billion). The company’s total enterprise value, including debt and preferred equity, currently stands at $74.8 billion. zoom_out_map Strategy Inc. , daily timeframe, source: TradingView Michael Saylor, Strategy’s co-founder, announced that the firm is “buying a lot” of Bitcoin and promised to reveal more details on Monday. He also urged investors to “HODL” – a call to hold on to their Bitcoin despite the ongoing downturn. The current environment for Bitcoin remains highly volatile and uncertain. The next few trading sessions could be critical in determining whether this is merely a short-term correction or the beginning of a deeper bearish trend. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Precious metals haven’t dodged the volatility bullet hitting markets throughout the morning session. zoom_out_map Metals performance since beginning October. November 14, 2025 – Source: TradingView Bleak and brutal overnight trading has failed to attract flows into normally in-demand gold, even as risk sentiment deteriorates sharply.An unusual positive correlation between the yellow metal and equities is adding confusion about where capital rotates when these outflows occur.After dropping $150 at its morning lows, mean-reverting buyers dragged Gold prices back toward the $4,100 area, and are attempting to break through the psychological level.With fresh volatility, lower highs are forming and the outlook is turning increasingly opaque.So let’s dive into a multi-timeframe Gold analysis to see whether technical signals can help us determine where metal prices may be headed next. Read More:The Stock Market is bleeding – What is going on?Markets Today: China Industrial Output Hits 14-Month Lows as Wall Street Losses Spill Over into Asia, EuropeEUR/USD jumps from the recent dollar weakness and ECB President talksGold (XAU/USD) multi-timeframe technical analysisDaily Chart zoom_out_map Gold (XAU/USD) Daily Chart. November 14, 2025 – Source: TradingView After forming a gigantic bearish divergence at the end of last month, brutal outflows brought Gold well below the $4,000 mark.Still, some strong dip-buying pushed the metal back higher as late-trend followers rushed for the "discounted prices".But discounts can be traps in markets.Sole performer during yesterday's bloody session, Gold found a top in a flash sale this morning, all the way to $4,030.Now back above $4,100, the price action just looks more confusing on the Daily chart.Long-wicked dojis like the one from today's action can put out trade setups:Look at what happens if bulls manage to retake the daily highs at $4,211 (trend continuation)Vice versa if bears bring the pair to new lows (especially below $4,000)4H Chart and technical levels zoom_out_map Gold (XAU/USD) 4H Chart. November 14, 2025 – Source: TradingView Gold technical levels of interest:Resistance LevelsCurrent All-time High resistance $4,250 to $4,400 (ATH $4,380)Low of Resistance zone $4,250 and Triangle formation topSession highs $4,211Support Levels4H MA 200, Session and triangle formation lows: $4,030 to $4,050)Major Pivot $3,950 to $4,000$3,700 consolidation Support$3,500 Major Support1H Chart zoom_out_map Gold (XAU/USD) 1H Chart. November 14, 2025 – Source: TradingView It's a bull and bear battle in today's action, as expressed in the consolidation patterns seen through higher timeframes.Buyers have broken the $4,100 but the momentum pivot stays around $4,110.Closing above this level gives more odds for bull continuation towards the weekly close, while closing below the pivot gives back the hand to sellers.Keep an eye on the triangle formation and watch the afternoon session closely to see if indecision follows or a side takes the wheel.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.