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/USD dipped 0.1% to 1.0184.
The euro had fallen to $0.9952 on July 14, the lowest since December 2002, weighed down by fears of an energy crisis in the region.
(EUR/USD 1-hour chart)
We focus on the 1.0190-line today. If EUR runs steadily below the 1.0190-line, then pay attention to the support strength of the two positions of 1.0116 and 0.9999. If the strength of EUR breaks above the 1.0190-line, then pay attention to the suppression strength of the two positions of 1.0277 and 1.0357.
GBP Intraday Trend Analysis
Gains in GBP/USD were limited during the European session due to weak UK domestic economic data.
However, the pair broke above the 1.21 level as the Fed indicated a possible slowdown in future rate hikes after announcing a 75 basis point increase and as risk sentiment improved.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.2106-line today. If GBP runs below the 1.2106-line, it will pay attention to the suppression strength of the two positions of 1.2056 and 1.2005. If GBP runs above the 1.2106-line, then pay attention to the suppression strength of the two positions of 1.2243 and 1.2301.
2. Precious Metals Market Insight
Gold rose nearly 1.3% on Thursday as the shrinking U.S. economy boosted gold’s safe-haven appeal and the less aggressive tone of the Fed chairman’s speech pushed gold prices to extend gains.
The U.S. economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending falling, which could spark market fears that the economy has fallen into recession.
(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 1743 positions. If the gold price breaks above the 1760-line, then pay attention to the suppression strength of the two positions of the 1768 and 1783.
3. Commodities Market Insight
WTI Crude Oil
Oil prices were mixed on Thursday, 28th July 2022, as concerns that a possible global recession would hit energy demand offset a draw in U.S. crude inventories and a rebound in gasoline consumption.
Oil prices gave back gains in mid-morning trading after the release of gross domestic product (GDP) data from the U.S. Commerce Department, as the data fueled fears that a recession could hit energy demand.
Data showed the U.S. economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending falling.
(Crude oil 1-hour chart)
Oil prices focus on the 98.15-line today. If the oil price runs above the 98.15-line, then focus on the suppression strength of the two positions of 99.50 and 102.52. If the oil price runs below the 98.15-line, then pay attention to the support strength of the two positions of 95.50 and 93.57.
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