1. Forex Market Insight    

EUR/USD  

EUR/USD fell to $1.0031, having touched $0.9952 earlier, the lowest since December 2002. 

The dollar is expected to continue to rise, helped by the fact that the Federal Reserve is expected to raise interest rates more than other major central banks, including the European Central Bank (ECB). 

Trading was choppy on Thursday, 14^th July 2022, with the euro briefly hitting a 20-year low. 

This comes after a party in Italian Prime Minister Mario Draghi’s ruling coalition failed to back a parliamentary confidence vote. 

The vote included measures to ease the cost-of-living crisis. Draghi later announced he would resign. 

Technical Analysis：

(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 0.9807 and 0.9605. 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 1.0184.   

GBP Intraday Trend Analysis   

Fundamental Analysis：

With the election of a new party leader, it may bring market expectations that the political situation will change, which may give the pound a respite from the recent slide in the pound. 

Technical Analysis： 

(GBP/USD 1-hour chart) 

Execution Insight:   

GBP is mainly focused on the 1.1853-line today. If GBP runs below the 1.1853-line, it will pay attention to the suppression strength of the two positions of 1.1795 and 1.1764. If GBP runs above the 1.1853-line, then pay attention to the suppression strength of the two positions of 1.1916 and 1.1970. 

2. Precious Metals Market Insight   

Gold   

Fundamental Analysis:   

Gold prices fell sharply by more than 2% on Thursday, 14^th July 2022, touching their lowest in nearly a year, as the dollar extended its sharp rally while market expectations for a sharp Fed rate hike increased. 

The U.S. dollar touched a 20-year high, making it the safe-haven asset of choice amid increasing economic risks in the near term, while gold took a hit. 

Technical Analysis：   

(Gold 1-hour chart)   

Trading Strategies:   

Gold pays attention to the 1701-line today. If the gold price runs steadily below the 1701-line, then it will pay attention to the support strength of the 1690 and 1680 positions. If the gold price breaks above the 1701-line, then pay attention to the suppression strength of the two positions of the 1722 and 1742.                                          

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:

Oil prices closed lower on Thursday, 14^th July 2022, but recovered almost all of their losses after falling more than $4 earlier in the day. 

Investors are concerned about the prospect of a sharp U.S. interest rate hike later this month, which could curb inflation but also hit oil demand. 

Both U.S. oil and BOP touched lows on Thursday, 14^th July 2022, below the closing price at 23^rd Feb 2022.  

That is, the day before the conflict between Russia and Ukraine, Brent crude touched its lowest since 21^st Feb 2022. 

Technical Analysis：   

(Crude oil 1-hour chart)

Trading Strategies:   

Oil prices focus on the 90.44-line today. If the oil price runs above the 90.44-line, then focus on the suppression strength of the two positions of 95.05 and 97.33. If the oil price runs below the 90.44-line, then pay attention to the support strength of the two positions of 88.02 and 85.72.  

Disclaimer    

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