1. Forex Market Insight
EUR/USD was up 0.19% at 0.99625, off a fresh 20-year low of 0.99005 set earlier, dragged down at one point by renewed fears that energy shocks continue to fuel inflation and make it more likely that Europe will fall into recession.
PMI data showed that European business activity contracted less than forecast in August, but the outlook remains bleak.
EUR has fallen by around 12% so far this year and has fallen by almost 3% in August.
(EUR/USD 1-hour chart)
We focus on the 0.09999-line today. If EUR runs steadily below the 0.9999-line, then pay attention to the support strength of the two positions of 0.9938 and 09864. If the strength of EUR breaks above the 0.9999-line, then pay attention to the suppression strength of the two positions of 1.0116 and 1.0190.
GBP Intraday Trend Analysis
After briefly touching its lowest since March 2020, the pound recovered some of its lost ground after the PMI data was released, rising 0.49% against the dollar to 1.18255, having earlier hit a low of 1.1718.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.1764-line today. If GBP runs below the 1.1764-line, it will pay attention to the suppression strength of the two positions of 1.1696 and 1.1622. If GBP runs above the 1.1764-line, then pay attention to the suppression strength of the two positions of 1.1820 and 1.1870.
2. Precious Metals Market Insight
Gold prices rose on Tuesday, 23rd August 2022, ending a six-day losing streak, after the release of data showing weak U.S. corporate activity dragged the dollar and U.S. Treasury yields lower.
US private business activity contracted for the second consecutive month in August to its weakest level in 27 months.
(Gold 1-hour chart)
Gold pays attention to the 1751-line today. If the gold price runs steadily below the 1751-line, then it will pay attention to the support strength of the 1743 and 1735 positions. If the gold price breaks above the 1751-line, then pay attention to the suppression strength of the two positions of the 1760 and 1768.
3. Commodities Market Insight
WTI Crude Oil
Oil prices jumped nearly 4% on Tuesday, 23rd August 2022, after Saudi Arabia floated the idea of OPEC+ production cuts to support prices amid the return of Iranian crude to the market and the prospect of falling US inventories.
Crude oil stocks decreased by about 5.6 million barrels, gasoline stocks increased by about 268,000 barrels and distillate stocks increased by about 1.1 million barrels in the week ended August 19
(Crude oil 1-hour chart)
Oil prices focus on the 91.54-line today. If the oil price runs above the 91.54-line, then focus on the suppression strength of the two positions of 93.57 and 95.05. If the oil price runs below the 91.54-line, then pay attention to the support strength of the two positions of 88.02 and 85.72.
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