1. Forex Market Insight
On Friday, 14th October 2022, the EUR/USD closed down 0.55% at 0.9723, economic risks are still a main negative factor for the EUR.
The macroeconomic outlook in Europe is bleak and the inflation will continue to rise.
Russian-Ukrainian War is taking a growing toll on the European economy, Russian natural gas deliveries to European have dropped more than 80%. The burden of soaring energy prices, rising costs of business and living have led to an inflationary crisis in Europe.
Moreover, the European Central Bank rate hike is also putting the EUR under pressure.
(EUR/USD 1-hour Chart)
We focus on the 0.9810 line today. If the EUR runs below the 0.9810 line, then pay attention to the support strength of the two positions of 0.9770 and 0.9701. If the strength of EUR breaks above the 0.9810 line, then pay attention to the suppression strength of the two positions of 0.9852 and 0.9909.
GBP Intraday Trend Analysis
The British pound fell sharply against the dollar on Friday, 14th October 2022, closing down 1.32% at 1.1176.
This comes after British Prime Minister Alex Truss replaced Chancellor of the Exchequer Kwarteng and eliminated parts of their economic program. These programs wreaked havoc on the financial markets of the UK.
(GBP/USD 1-hour Chart)
GBP is mainly focused on the 1.1378-line today. If GBP runs below the 1.1378 -line, it will pay attention to the suppression strength of the two positions of 1.1250 and 1.1183. If GBP runs above the 1.1378 -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 fell more than 1% on Friday, 14th October 2022 and were headed for their worst week since mid-August, dragged lower by a stronger U.S. dollar and worries over the Federal Reserve potentially continuing with big rate hikes to curb inflation.
Data on Thursday, 13th October 2022 showed U.S. consumer prices increased more than expected in September, providing ammunition to the Fed to deliver another big rate hike, and consequently setting up what could be gold’s worst week in nearly two months.
(Gold 1-hour Chart)
Gold pays attention to the 1642-line today. If the gold price runs below the 1642-line, then it will pay attention to the support strength of the 1627 and 1616 positions. If the gold price breaks above the 1642-line, then pay attention to the suppression strength of the two positions of the 1660 and 1680.
3. Commodities Market Insight
WTI Crude Oil
Oil prices plummeted more than 4% on Friday, 14th October 2022, as global recession fears and weak oil demand, outweighed support from a large cut to the OPEC+ supply target.
The Brent and WTI contracts both oscillated mostly above and below flat on Friday, 14th October 2022, but fell for the week by 6.4% and 7.6%, respectively.
(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 88.08. If the oil price runs below the 84.02-line, then pay attention to the support strength of the two positions of 82.41 and 81.07.
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