1. Forex Market Insight
EUR/USD
EUR/USD was basically flat at 1.1003 yesterday, 24th March 2022.
According to a survey of purchasing managers, business activity in Germany and France has both been boosted by the services sector following the easing of Covid-19 restrictions. However, both economies face uncertainty due to the impact of the Russian-Ukrainian war on manufacturing.
The survey reported that eurozone manufacturers are facing an unprecedented rise in the cost of components and raw materials.
Technical Analysis：
(EUR/USD 1-hour chart)
Execution Insight:
Today we focus on the 1.1055-line. If the euro runs steadily below the 1.1055-line, then pay attention to the support strength of the two positions of 1.0986 and 1.0940. If the strength of the euro breaks above the 1.1055-line, then pay attention to the suppression strength of the two positions of 1.1096 and 1.1143.
GBP Intraday Trend Analysis
Fundamental Analysis：
According to the UK PMI report, the UK manufacturing PMI recorded 55.5 in March, lower than the expected 56.7 and 58 in February.
It is worth noting that the UK services PMI performed well in March, with a result of 61 exceeding expectations of 58 and 60.5 in February. At the same time, the integrated manufacturing and services along with UK’s overall PMI in March recorded 59.7, while market expectations and February data 57.8 and 59.9 respectively.
Since 24th February, the number of Covid-19 cases in the UK has been on the rise. According to local government data, the 7-day average of new cases so far has reached a terrifying 120,000 or more.
With this context, the growth of the UK’s manufacturing and service industries has diverged. On the whole, the pound is still in a relatively weak state.
Technical Analysis：
(GBP/USD 1-hour chart)
Execution Insight:
The pound is mainly focused on the 1.3186-line today. If the pound runs above the 1.3186-line, it will focus on the suppression strength of the 1.3302 and 1.3365 positions. If the pound runs below the 1.3186-line, it will focus on the support strength of the 1.3104 and 1.2991 positions.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Yesterday, 24th March 2022, the price of gold rose, topping resistance at 1950 and hitting a new week-and-a-half high of $1,966.03 per ounce.
While the Fed’s hawkish tone and higher U.S. bond yields are putting pressure on non-yielding gold, gold is also benefiting from safe-haven demand.
Concerns about surging prices and uncertainty surrounding the war in Ukraine have boosted gold’s appeal as a safe-haven asset and inflation hedge.
Technical Analysis：
(Gold 1-hour chart)
Trading Strategies:
Gold pays attention to the 1948-line today. If the gold price runs steadily below the 1948-line, then it will pay attention to the support strength of the two positions of 1937 and 1929. If the gold price breaks above the 1948-line, it will open up further upward space. At that time, we will pay attention to the suppression strength of the two positions in 1960 and 1974.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Yesterday, 24th March 2022, Brent oil futures fell 2.1% to settle at $119.03 per barrel.
The EU failed to agree on a plan to boycott Russian oil.
Meanwhile, sources said the CPC Caspian oil pipeline will resume loading operations at some Black Sea terminals on Thursday, 24th March 2022, which leads to oil prices falling after hitting a two-week high in early trade.
Technical Analysis：
(Crude oil 1-hour chart)
Trading Strategies:
Oil prices focus on the 111.95-line today. If the oil price runs above the 111.95-line, then focus on the suppression of the 116.30 and 120 positions. If the oil price runs below the 111.95-line, then pay attention to the support strength of 107.52 and 102.52.
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.
