1. Forex Market Insight
Eurozone business activity unexpectedly contracted this month as manufacturing accelerated its decline.
Meanwhile, growth in the services sector has all but stalled as surging costs prompted consumers to cut back on spending.
EUR/USD was down 0.4% at $1.0196.
(EUR/USD 1-hour chart)
We focus on the 1.0277-line today. If EUR runs steadily below the 1.0277-line, then pay attention to the support strength of the two positions of 1.0190 and 1.0116. If the strength of EUR breaks above the 1.0277-line, then pay attention to the suppression strength of the two positions of 1.0357 and 1.0529.
GBP Intraday Trend Analysis
GBP/USD fell 0.2% to $1.1979.
This comes after data showed that UK business activity grew at its slowest pace in 17 months in July, with inflationary pressures easing.
That could ease pressure on the Bank of England to raise interest rates by a larger-than-usual margin next month, with U.K. inflation now at its highest level in 40 years.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.2005-line today. If GBP runs below the 1.2005-line, it will pay attention to the suppression strength of the two positions of 1.1916 and 1.1853. If GBP runs above the 1.2005-line, then pay attention to the suppression strength of the two positions of 1.2056 and 1.2106.
2. Precious Metals Market Insight
Gold prices rose slightly on Friday, 22nd July 2022.
Gold saw its first weekly gain in six weeks as the safe-haven appeal of non-sin rate gold was strengthened by the retreat in U.S. Treasury yields and the decline in the U.S. dollar, amid continuing economic risks.
The fall in the yield on the 10-year U.S. Treasury note helped gold move higher.
(Gold 1-hour chart)
Gold pays attention to the 1723-line today. If the gold price runs steadily below the 1723-line, then it will pay attention to the support strength of the 1701 and 1680 positions. If the gold price breaks above the 1723-line, then pay attention to the suppression strength of the two positions of the 1742 and 1760.
3. Commodities Market Insight
WTI Crude Oil
U.S. crude settled below $95 a barrel on Friday, 22nd July 2022, for the first time since April.
The EU previously said it would allow Russian state-owned companies to ship oil to third countries under sanctions adjustments agreed by member states last week.
U.S. crude oil closed lower for a third straight week, falling hard in the past two sessions after data showed U.S. gasoline demand fell nearly 8 percent year-over-year during the peak summer driving season, hit by record prices.
(Crude oil 1-hour chart)
Oil prices focus on the 95.05-line today. If the oil price runs above the 95.05-line, then focus on the suppression strength of the two positions of 97.33 and 99.50. If the oil price runs below the 95.05-line, then pay attention to the support strength of the two positions of 92.74 and 91.54.
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.