1. Forex Market Insight
Eurostat recently released data showing that on a seasonally adjusted basis, the GDP of the 19 countries in the euro area grew by 5.1% year-on-year and 0.3% month-on-month in the first quarter.
Both were better than expected, leading to a rebound in the euro.
(EUR/USD 1-hour chart)
We focus on the 1.0529-line today. If EUR runs steadily above the 1.0529-line, then pay attention to the support strength of the two positions of 1.0662 and 1.0776. If the strength of EUR breaks below the 1.0529-line, then pay attention to the suppression strength of the two positions of 1.0357 and 1.0184.
GBP Intraday Trend Analysis
GBP/USD fell more than 1.2% yesterday, 18th May 2022, after data showed that British inflation rose to a 40-year high of 9%.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.2478-line today. If GBP runs below the 1.2478-line, it will pay attention to the suppression strength of the two positions of 1.2243 and 1.2106. If GBP runs above the 1.2478-line, then pay attention to the suppression strength of the two positions of 1.2668 and 1.2807.
2. Precious Metals Market Insight
Gold oscillated narrowly in the 1807-1824 range yesterday, 18th May 2022, and closed near 1816.
The decline in U.S. Treasury yields helped offset the pressure from a stronger dollar and the Federal Reserve’s plans to raise interest rates sharply.
U.S. gold futures settled at $1,815.9, down 0.2%.
(Gold 1-hour chart)
Gold pays attention to the 1830-line today. If the gold price runs steadily below the 1830-line, then it will pay attention to the support strength of the 1812 and 1793 positions. If the gold price breaks above the 1830-line, then pay attention to the suppression strength of the two positions of the 1844 and 1866.
3. Commodities Market Insight
WTI Crude Oil
Oil prices fell nearly 4% on Wednesday, 18th May 2022, from Tuesday’s close, 17th May 2022, giving back early gains.
An unexpected increase in refined oil inventories and a continued increase in U.S. crude oil production, despite declines in crude oil and gasoline inventories.
Moreover, with concerns about the Asian epidemic rising again, U.S. stocks plunged, a significant drag on oil prices.
Brent crude futures settled down $2.82, or 2.5%, at $109.11 a barrel.
U.S. crude futures fell $2.81, or 2.5%, to $109.59 a barrel.
(Crude Oil 1-hour chart)
Oil prices focus on the 109.62-line today. If the oil price runs below the 109.62-line, then focus on the suppression strength of the two positions of 105.01 and 102.52. If the oil price runs above the 109.62-line, then pay attention to the support strength of the two positions of 111.95 and 116.30.
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