1. Forex Market Insight
EUR/USD
Yesterday, the US dollar index rose 0.58% to 98.52. After the CPI data was released, the market’s expectations for the Fed’s tightening policy remained stable. The 25 basis points of interest rate hike at this month’s meeting has been fully reflected in market prices.
The euro pared overnight gains after the European Central Bank announced it would gradually unwind its stimulus program in the third quarter.
Technical Analysis：
(EUR/USD 1-hour chart)
Execution Insight:
Today we focus on the 1.0986-line. If the euro runs steadily above the 1.0986-line, then pay attention to the suppression strength of the two positions of 1.1031 and 1.1096. If the strength of the euro breaks below the 1.0986-line, then pay attention to the support strength of the 1.0940 and 1.0890 positions.
GBP Intraday Trend Analysis
Fundamental Analysis：
The U.S. consumer price index (CPI) rose 7.9% in February from a year earlier, the largest annual gain in 40 years.
Inflation is likely to accelerate further in the coming months as Russia’s war on Ukraine pushes up the cost of crude oil and other commodities, further weighing on the pound to the downside.
Technical Analysis：
(GBP/USD 1-hour chart)
Execution Insight:
The pound is mainly focused on the 1.3104-line today. If the pound runs above the 1.3104-line, it will pay attention to the suppression of the 1.3186 and 1.3276 positions. If the pound runs below the 1.3104-line, it will pay attention to the support strength of the 1.2991-line.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Gold trading around $1,991 after the talks between Ukraine and Russia’s foreign ministers failed to make progress on a truce. The bargain-hunting continued to provide support for gold prices, and U.S. inflation hit a 40-year high in February, enticing investors to buy gold hedge against inflation.
However, next week will see in the Fed’s interest rate decision, and the market is generally expected to raise interest rates by 25 basis points. This will continue to raise interest rates in the future, which makes the bulls still have scruples.
Today’s main focus will still be the changes in the geopolitical situation in Russia and Ukraine. In terms of data, we will focus on the initial value of the University of Michigan consumer confidence index in the U. S. in March and pay attention to the employment data of Canada in February and the GDP data of the United Kingdom in January.
Technical Analysis：
(Gold 1-hour chart)
Trading Strategies:
Gold is focused on the 2002-line today. If the gold price runs steadily below the 2002-line, then it will pay attention to the support strength of the two positions of 1974 and 1960. If the gold price exceeds the 2002-line, it will open up further upward space. At that time, we pay attention to the suppression strength of the 2020-line.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Yesterday, Brent fell 1.84% in late trading to close at $109.1 per barrel. Russian President Vladimir Putin said at a conference that Russia would continue to honor its contractual obligations in energy supply, a move that eased market concerns about tight supplies.
Meanwhile, the statements by UAE officials gave conflicting signals, adding to the volatility of the market.
Technical Analysis：
(Crude oil 1-hour chart)
Trading Strategies:
Oil prices focus on the 104.53-line today. If the oil price runs below the 104.53-line, then focus on the support strength of the 99.50 and 97.33 positions. If the oil price breaks above the 104.53-line, then pay attention to the suppression of the 111.95-line.
Disclaimer
While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.
