1. Forex Market Insight
The EUR/USD shocked back down last week, weighed down by the strong dollar.
At the same time, the deepening energy crisis in the euro zone, and recessionary fears are heating up pressure on the euro
(EUR/USD 1-hour chart)
We focus on the 0.9999-line today. If EUR runs steadily below the 0.9999-line, then pay attention to the support strength of the two positions of 0.9909 and 0.9879. 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
GBP/USD fell back last week, weighed down by the strong dollar.
Meanwhile, the deteriorating UK economic outlook and UK political volatility are putting pressure on the pound.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.1357-line today. If GBP runs below the 1.1357-line, it will pay attention to the suppression strength of the two positions of 1.1315 and 1.1250. If GBP runs above the 1.1357-line, then pay attention to the suppression strength of the two positions of 1.1421 and 1.1501.
2. Precious Metals Market Insight
Gold prices rose on Friday, 16th September 2022, as the dollar’s rise took a pause.
But last week’s rally in the dollar and expectations of a sharp U.S. interest rate hike kept gold prices well below the key $1,700 mark and recorded its worst week of performance in four weeks.
(Gold 1-hour chart)
Gold pays attention to the 1680-line today. If the gold price runs steadily below the 1680-line, then it will pay attention to the support strength of the 1671 and 1660 positions. If the gold price breaks above the 1680-line, then pay attention to the suppression strength of the two positions of the 1686 and 1693.
3. Commodities Market Insight
WTI Crude Oil
Oil prices rose slightly on Friday, 16th September 2022, after a spill at the Basra terminal in Iraq appeared likely to limit crude supplies.
Yet, oil prices are still down on a weekly basis on concerns that sharp interest rate hikes will dampen global economic growth and demand for fuel.
Both indicator contracts fell nearly 2% last week, partly due to the strength of the dollar, which has made oil more expensive for buyers using other currencies.
The dollar index was essentially flat on the day, but rose on a weekly basis for the fourth week in five.
So far in the third quarter, both indicator contracts are down about 20%, the largest quarterly percentage decline since the new crown epidemic began in 2020.
The Basra Oil Company says oil exports from Iraq’s Basra oil terminal, which had been suspended Friday, 16th September 2022, due to a spill, are gradually resuming and the situation is under control.
(Crude oil 1-hour chart)
Oil prices focus on the 84.02-line today. If the oil price runs above the 84.02-line, then focus on the suppression strength of the two positions of 85.72 and 81.07. If the oil price runs below the 84.02-line, then pay attention to the support strength of the two positions of 82.72 and 81.07.
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