EUR/USD closed up 0.18% on Thursday, 11th August 2022, at 1.0317. The risk of economic contraction continues and the euro is under pressure due to political instability in Italy. This winter, with inflation peaking, the eurozone will likely see a ...
1. Forex Market Insight
EUR fell sharply by 1.75%, touching its lowest since late 2002.
EUR suffered its biggest one-day drop since the coronavirus pandemic hit markets in March 2020.
The yuan posted its biggest one-day gain since then.
(EUR/USD 1-hour chart)
We focus on the 1.0357-line today. If EUR runs steadily below the 1.0357-line, then pay attention to the support strength of the two positions of 1.0184 and 1.0017. If the strength of EUR breaks above the 1.0357-line, then pay attention to the suppression strength of the two positions of 1.0529 and 1.0642.
GBP Intraday Trend Analysis
GBP/USD touched its lowest in two years on Tuesday, 5th July 2022.
The crisis in British Prime Minister Boris Johnson’s government has added pressure to a pound already mired in recession fears and a recovering dollar.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.1970-line today. If GBP runs below the 1.1970-line, it will pay attention to the suppression strength of the two positions of 1.1870 and 1.1820. If GBP runs above the 1.1970-line, then pay attention to the suppression strength of the two positions of 1.2056 and 1.2106.
2. Precious Metals Market Insight
Gold is considered to be a hedge against inflation.
However, the increase in interest rates to ease price pressures has reduced the demand for interest-free gold.
(Gold 1-hour chart)
Gold pays attention to the 1760-line today. If the gold price runs steadily below the 1760-line, then it will pay attention to the support strength of the 1751 and 1740 positions. If the gold price breaks above the 1760-line, then pay attention to the suppression strength of the two positions of the 1783 and 1793.
3. Commodities Market Insight
WTI Crude Oil
Oil prices tumbled nearly $12 on Tuesday, 5th July 2022, their biggest one-day drop since March.
The decline spread to other energy products amid concerns about the global recession.
Both crude benchmarks posted their biggest one-day percentage declines since 9th March 2022, and shares of major oil and gas companies also took a hit.
Oil prices hit their lowest since late April.
Oil prices focus on the 102.52-line today. If the oil price runs above the 102.52-line, then focus on the suppression strength of the two positions of 105.01 and 109.62. If the oil price runs below the 102.52-line, then pay attention to the support strength of the two positions of 95.05 and 91.54.
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