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1. Forex Market Insight
EUR/USD
EUR/USD was at its highest level since 1st March and was last up 0.66% at 1.1157.
The inflation report raises expectations of higher costs, despite fading optimism over Russia-Ukraine talks.
The Russian-Ukrainian conflict has exacerbated rising costs and will support the euro by forcing Europe to raise interest rates sooner rather than delay.
Technical Analysis：
(EUR/USD 1-hour chart)
Execution Insight:
Today we focus on the 1.1183-line. If the euro runs steadily below the 1.1183-line, then pay attention to the support strength of the two positions of 1.1143 and 1.1096. If the strength of the euro breaks above the 1.1183-line, then pay attention to the suppression strength of the two positions of 1.1226 and 1.1250.
GBP Intraday Trend Analysis
Fundamental Analysis：
Bank of England Governor Bailey said he had seen evidence of an economic slowdown, which he expected to dampen domestic inflation, and softened his rhetoric on the need for further interest rate hikes. This suggests that, in the mid-term, there may be downside risks for the pound.
Technical Analysis：
(GBP/USD 1-hour chart)
Execution Insight:
The pound is mainly focused on the 1.3186-line today. If the pound runs above the 1.3186-line, it will focus on the suppression of the 1.3302 and 1.3365 positions. If the pound runs below the 1.3186-line, it will focus on the support strength of the 1.3104 and 1.2991 positions.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Spot gold rose yesterday, 30th March 2022, rising as much as 1% to $1,938.47 per ounce at one point during the session.
As the dollar falls, the market has doubts about a possible ceasefire between Russia and Ukraine.
The U.S. dollar index fell to a near four-week low, making dollar-denominated gold cheaper for holders of other currencies.
Technical Analysis：
(Gold 1-hour chart)
Trading Strategies:
Gold is concerned about the 1937-line today. If the gold price runs steadily below the 1937-line, then it will pay attention to the support strength of the 1924 and 1909 positions. If the gold price breaks above the 1937-line, it will open up further upward space. At that time, we will pay attention to the suppression strength of the two positions in 1948 and 1961.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
U.S. crude stockpiles fell more than expected by 3.4 million barrels last week to 410 million barrels, the lowest level since September 2018, data from the U.S. Energy Information Administration (EIA) showed yesterday, 30th March 2022.
At the same time, U.S. crude production edged up by 100,000 bpd last week to 11.7 million bpd after remaining steady for the previous seven weeks. Meanwhile, crude inventories in the Strategic Petroleum Reserve (SPR) fell to their lowest since May 2002, and refineries in the Gulf of Mexico Plant capacity utilization rose to the highest level since January 2020.
Unexpected increases in U.S. gasoline and refined oil inventories last week, as well as lower demand for both types of refined oil products, limited oil price gains.
In addition, the United States and its allies plan to impose new sanctions on additional areas of the Russian economy, including the military supply chain.
The Kremlin said Wednesday, 30th March 2022, that all of Russia’s energy and commodities exports could be settled in rubles, and that Russian President Vladimir Putin wants to make the West feel the pain as well.
Technical Analysis：
(Crude oil 1-hour chart)
Trading Strategies:
Oil prices focus on the 107.52-line today. If the oil price runs below the 107.52-line, then focus on the support at 99.50 and 97.33. If the oil price runs above the 107.52-line, then pay attention to the suppression of 111.95 and 116.30.
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.
