1. Forex Market Insight
EUR/USD
The euro rose as much as 0.5% against the dollar at one point, ending up by 0.18% at 1.1327, recovering after hitting its lowest since 14th February earlier, partly on hopes for dialogue and economic data showing that business confidence in all sectors in Germany improved in February, reaching its highest level since August.
The euro could easily fall again, with the ECB’s new forecasts and forward guidance (ECB meeting March 10) signaling a rate hike later this year, but the swaps market is reflecting the timing of the rate hike in the third quarter, which may be a bit too early.
Technical Analysis：
(EUR/USD 1-hour chart)
Execution Insight:
Today, we will pay attention to the suppression strength of the 1.1378-line. If the euro runs steadily below the 1.1378-line, we will pay attention to the support strength of the two positions below 1.1267 and 1.1315.
GBP Intraday Trend Analysis
Fundamental Analysis：
Putin dominated the show, but the market didn’t react like there was genuine concern that the situation would develop into an irreversible escalation. By which would eventually lead to sanctions that would undermine the economy or at least the global recovery.
With things up in the air, the market doesn’t see this as a sign of a major change in the situation. Therefore, the pound continued to fluctuate sideways at high levels.
Technical Analysis：
(GBP/USD 1-hour chart)
Execution Insight:
The pound is mainly focused on the 1.3642-line today. If the pound runs below the 1.3642-line, it will pay attention to the support strength of the 1.3516 and 1.3489 positions. If the pound runs above the 1.3642-line, it will pay attention to the suppression strength of the 1.3661 and 1.3712 positions.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Gold prices held steady at higher levels yesterday as investors assessed further developments in the Russia-Ukraine crisis and the possibility of tough Western sanctions against Russia, making investors nervous. Thus, the jittery situation leads to the fall of U.S. stocks.
Meanwhile, the consumer confidence index fell to a five-month low. However, the U.S. manufacturing PMI performed well in February and the main focus of the day will still be on the speech of the Fed officials.
Technical Analysis：
(Gold 1-hour chart)
Trading Strategies:
Gold pays attention to the 1909-line today. If the gold price runs steadily below the 1909-line, then it will pay attention to the support strength of the 1887 and 1880 positions. If the gold price breaks above the 1909-line, it will open up further upward space, and then pay attention to the 1919 and 1929 two positions of suppression strength.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Oil prices rose more than 1% yesterday, with U.S. oil once approaching the 95 mark. Meanwhile, Brent oil once approached the 100 mark, up to $99.50 per barrel, with Brent oil closing at $96.50 per barrel yesterday.
Russia has ordered troops into two separate regions of eastern Ukraine, and Western countries have imposed sanctions on Russia, but appeared to avoid imposing the harshest sanctions on Russia because of Biden.
In addition, diplomacy over the Iran nuclear deal appeared to be drawing to a close, potentially easing tensions in global energy markets a little and limit oil price gains.
Technical Analysis：
(Crude oil 1-hour chart)
Trading Strategies:
Oil prices focus on the 93.57-line today. If the oil price runs below the 93.57-line, then focus on the support strength of the 90.44 and 88.02 positions. If the oil price breaks above the 93.57-line, then pay attention to the suppression of the 95.05-line.
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.
