1. Forex Market Insight
EUR/USD
The Eurozone Manufacturing PMI arrives at 54.4 in May vs. 54.9 expected.
On the other hand, the German Manufacturing PMI arrives at 54.7 vs. 54.0 expected.
The data slightly suppressed EUR. In addition, the European Central Bank (ECB) executive Panetta warned that interest rates at the “neutral” level may trigger a “normalization panic”, which made EUR lose some momentum.
But ECB President Lagarde’s speech this week, which made clear that there would be one rate hike each in July and September this year, ignited the market’s enthusiasm for the prospect of a euro rate hike.
For this reason, the euro has also recently shown a stubborn upward rebound.
Technical Analysis：
(EUR/USD 1-hour chart)
We focus on the 1.0697-line today. If EUR runs steadily above the 1.0697-line, then pay attention to the support strength of the two positions of 1.0734 and 1.0776. If the strength of EUR breaks below the 1.0697-line, then pay attention to the suppression strength of the two positions of 1.0662 and 1.0529.
GBP Intraday Trend Analysis
Fundamental Analysis：
A senior civil servant recently released a report into British Prime Minister Boris Johnson’s Downing Street office breaching Covid-19 lockdown rules.
However, the Partygate scandal had little effect on GBP, which rose against USD in late New York trading after a slight dip.
In an interview published by Bank of England Chief Economist Peel, he called for the need for more rate hikes.
Technical Analysis：
(GBP/USD 1-hour chart)
Execution Insight:
GBP is mainly focused on the 1.2668-line today. If GBP runs below the 1.2668-line, it will pay attention to the suppression strength of the two positions of 1.2478 and 1.2301. If GBP runs above the 1.2668-line, then pay attention to the suppression strength of the two positions of 1.2807 and 1.2872.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Spot gold edged up and is currently trading near $1855.
A broad drop in the U.S. corporate profits casts uncertainty over the economic outlook.
Markets consider whether the Fed might slow down or even pause its tightening cycle in the second half of this year.
The dollar index hits one-month low to 101.42.
The geopolitical situation in Ukraine has deteriorated, providing support to gold prices.
Technical Analysis：
(Gold 1-hour chart)
Trading Strategies:
Gold pays attention to the 1866-line today. If the gold price runs steadily below the 1866-line, then it will pay attention to the support strength of the 1847 and 1832 positions. If the gold price breaks above the 1866-line, then pay attention to the suppression strength of the two positions of the 1880 and 1892.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Oil prices rose more than 3% on Thursday, 26th May 2022.
U.S. crude and gasoline inventories show signs of continuing to dwindle ahead of summer driving season.
The UK government’s announcement on Thursday, 26th May 2022, to impose a windfall tax on energy company profits also helped fuel the rise in oil prices.
Technical Analysis：
(Crude Oil 1-hour chart)
Trading Strategies:
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 107.52 and 105.52. 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.
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.
