NEW DELHI, Feb 3 (Reuters) – Shares of Adani Group companies extended declines in Mumbai on Friday, with their market value now more than halved to less than $100 billion after a critical report by a U.S. short-seller last week sparked a ma ...
1. Forex Market Insight
The euro rose to a 20-day high ahead of Thursday’s (27th October 2022) European Central Bank meeting.
The ECB is expected to raise interest rates by 75 basis points at the meeting to rein in soaring inflation. The euro was up 0.87% against the dollar at $0.99595.
(EUR/USD 1-hour Chart)
We focus on the 0.9909 line today. If the EUR runs below the 0.9909 line, then pay attention to the support strength of the two positions of 0.9852 and 0.9810. If the strength of EUR rises over the 0.9909 line, then pay attention to the suppression strength of the two positions of 1.0116 and 0.9999.
GBP Intraday Trend Analysis
Sterling rallied to a six-week high on Tuesday, 25th October 2022 as risk sentiment improved supported by Rishi Sunak becoming British Prime Minister.
He is tasked with responding to the growing economic crisis and deep-rooted divisions within the ruling Conservative Party.
The pound surged to its highest since 15th September 2022 against the dollar, up 1.66% at $1.147.
(GBP/USD 1-hour Chart)
GBP is mainly focused on the 1.1396-line today. If GBP runs below the 1.396-line, it will pay attention to the suppression strength of the two positions of 1.273 and 1.1183. If GBP runs above the 1.1396 -line, then pay attention to the suppression strength of the two positions of 1.1501 and 1.1607.
2. Precious Metals Market Insight
Gold prices edged higher on Tuesday, 25th October 2022. This comes after weak data of U.S economic stoked hopes the Federal Reserve will slow its aggressive pace of rate hikes and dragging the dollar lower.
A survey released Monday, 24th October 2022 showed that U.S. business activity contracted for the fourth straight month, triggered the market hopes that the aggressive rate rising stance of the Federal Reserve might soften.
(Gold 1-hour Chart)
Gold pays attention to the 1645-line today. If the gold price runs below the 1645-line, then it will pay attention to the support strength of the 1637 and 1627 positions. If the gold price breaks above the 1645-line, then pay attention to the suppression strength of the two positions of the 1661 and 1675.
3. Commodities Market Insight
WTI Crude Oil
Oil prices edged up on Tuesday, 25th October 2022, rebounding from an early fall of more than $1 a barrel, buoyed by a weaker dollar and supply concerns highlighted by Saudi Arabia’s energy minister.
The dollar index fell in late afternoon trading, making dollar-denominated oil less expensive for holders of other currencies and helping push oil prices higher.
Saudi Energy Minister Prince Abdulaziz said on Tuesday, 25th October 2022 that some countries are using their emergency oil stocks to manipulate the market. That gave further support to oil prices.
(Crude Oil 1-hour Chart)
Oil prices focus on the 84.08 line today. If the oil price runs above the 84.08-line, then focus on the suppression strength of the two positions of 85.53 and 86.77. If the oil price runs below the 84.08-line, then pay attention to the support strength of the two positions of 82.99 and 81.81.
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