1. Forex Market Insight  

EUR/USD 

Fed Chairman Powell, European Central Bank President Lagarde, and Bank of England President Bailey all stated that they are paying close attention to inflation amid soaring energy prices and persistent production bottlenecks.

Euro is one of the currencies that has fallen sharply and it has fallen to its lowest point since July 2020. With this, the three-month risk reversal indicator turned to the most pessimistic since the end of June.

Gabriel Makhlouf, a member of the European Central Bank’s Management Committee, said that policymakers must be prepared to cope with the continued rise in inflation that may be caused by continued supply bottlenecks.

Technical Analysis： 

(EUR/USD 1-hour chart) 

Execution Insight: 

Today, pay attention to the 1.1622-line. If it runs stably below the 1.1622-line, pay attention to the support of the 1.1554-line. If the euro rises above the 1.1622-line again, it will open up further room for rebound. At that time, pay attention to the suppression of the 1.1663 and 1.1708 positions.

GBP Intraday Trend Analysis 

Fundamental Analysis： 

Market confidence in the pound is crumbling as the U.K. is facing problems including an energy shortage, a shortage of capacity to transport goods domestically and a sense of isolation after Brexit.

Technical Analysis： 

(GBP/USD 1-hour chart) 

Execution Insight: 

The pound today pays attention to the 1.3409-line. If it falls below the 1.3409-line, it will maintain a bearish trend. At that time, pay attention to the support of 1.3302 and 1.3186. If it is above the 1.3409-line, pay attention to its rebound strength. At that time, pay attention to the suppressive strength in two positions at 1.3574 and 1.3669.

2. Precious Metals Market Insight

 

Gold 

Fundamental Analysis: 

Gold prices fell to a more than one-month low yesterday. The dollar index hit a near 11-month high, reducing the attractiveness of the precious metal to investors in other currencies.

Meanwhile, markets have been chasing the dollar this week as they assess the impact of the U.S. debt ceiling dispute and the Federal Reserve’s shift to a more hawkish policy.

Technical Analysis： 

(Gold 1-hour chart) 

Trading Strategies: 

Today, gold pays attention to the 1742-line. If the price of gold runs above the 1742-line, focus on the strength of today’s rebound. At that time, pay attention to the suppression of the 1740 and 1760 positions. Once the strength of the gold price drops below 1742, it will open up further downside space. At that time, pay attention to 1717 and 1710 support strength in turn.

3. Commodities Market Insight 

WTI Crude Oil 

Fundamental Analysis: 

Oil prices fell with the dollar surge on Wednesday, 29th September 2021. The New York crude futures fell by 0.6% and the trend fluctuated throughout the day.

Crude oil futures were dragged lower by the U.S. government report that showed crude oil inventories rose for the first time in eight weeks, with an increase of more than 4 million barrels. In addition, a stronger dollar has reduced the attractiveness of this commodity export, and the current strength of the dollar has reached a level that cannot be ignored.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies may ease production cuts sooner. The White House said on Tuesday, 28th September 2021, that it continues to discuss with international partners, including OPEC, the importance of competitive markets and more action to support economic recovery. Meanwhile, global oil supply is expected to fall short of demand by 1.2 million barrels per day in October, according to an OPEC secretariat document reviewed by the OPEC’s Joint Technical Committee.

EIA data showed that in addition to an increase in the U.S. crude stocks last week, gasoline stocks rose for a second straight week. Meanwhile, refined oil stocks rose for the first time since late August. Over and above, the U.S. crude exports jumped to more than 3 million barrels per day, indicating a stronger global demand.

Technical Analysis： 

(Crude oil 1-hour chart) 

Trading Strategies: 

Today, the oil prices pay attention to the support of the lower Bollinger Band. On the upper end, focus on the suppression of the two positions at 75.04 and 75.69. Once the strength drops below the lower Bollinger Band, it will open up a further downside potential. At that time, focus on the 72.30-line of support.

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.