EUR/USD Up 0.42%, Oil Prices Closed About 2% Lower - Doo Prime News
Doo Prime News > Analysis > Market Insight > EUR/USD Up 0.42%, Oil Prices Closed About 2% Lower

1. Forex Market Insight     

EUR/USD 

The euro fell 0.42% against the dollar on Friday,18th November 2022, closing at $1.0319, after rising as much as 0.29% earlier. Earlier last week, the euro had hit several-month highs against the dollar after inflation data showed some easing of price pressures in the United States. 

Technical Analysis:   

(EUR/USD 1-hour Chart)  

We focus on the 1.0277 line today. If the EUR runs 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 rises over the 1.0277 line, then pay attention to the suppression strength of the two positions of 1.0440 and 1.0529.  

GBP Intraday Trend Analysis  

Fundamental Analysis:   

The pound recovered some of its lost ground against the dollar on Friday,18th November 2022, closing at 1.1883, up about 0.18%, after the volatile trend following the release of the latest UK budget last Thursday.   

Technical Analysis:

(GBP/USD 1-hour Chart)  

GBP is mainly focused on the 1.1723-line today. If GBP runs below the 1.1723-line, it will pay attention to the suppression strength of the two positions of 1.1641 and 1.1565. If GBP runs above the 1.1723-line, then pay attention to the suppression strength of the two positions of 1.2056 and 1.2106. 

2. Precious Metals Market Insight

Gold

Fundamental Analysis:   

Gold prices fell Friday, 18th November 2022 and also fell on a weekly basis after Federal Reserve officials said they would continue to raise interest rates to fight inflation. Spot gold was down 0.7 percent at $1,748.84 an ounce, down about 1.3 percent on a weekly basis and the biggest drop since mid-October.    

 

Technical Analysis:   

(Gold 1-hour Chart)   

Gold pays attention to the 1747-line today. If the gold price runs below the 1747-line, then it will pay attention to the support strength of the 1723 and 1703 positions. If the gold price breaks above the 1747-line, then pay attention to the suppression strength of the two positions of 1754 and 1768.        

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:   

Oil prices closed about 2% lower Friday, 18th November 2022 and fell for a second straight week on weekly basis on concerns about falling demand and further increases in U.S. interest rates.

For the week, both indicators fell, with Brent crude down about 9% and U.S. crude down about 10%. A stronger dollar put pressure on oil prices. The market structure of the two indicator contracts changed, reflecting easing supply concerns. 

Technical Analysis:

(Crude Oil 1-hour Chart) 

Oil prices focus on the 79.07 line today. If the oil price runs above the 79.07-line, then focus on the suppression strength of the two positions of 81.12 and 82.78. If the oil price runs below the 79.07-line, then pay attention to the support strength of the two positions of 77.54 and 76.07.  

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. 

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