1. Forex Market Insight
EUR/USD
EUD/USD was down 0.82% at 1.1065, having earlier touched its highest since March 1 at $1.1184. Meanwhile, rising inflation in Europe fueled expectations of a rate hike.
The ECB is likely to be reluctant to make a clear commitment on how it will act against inflation until the risk of a war in Ukraine triggering an energy crisis and considerable economic fallout is removed.
Therefore, it will also take some time to see a sustained rise in the euro.
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 1.1013 and 1.0986. 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：
The U.S. dollar index was up 0.54% at 98.35 after dimming hopes of a ceasefire fueled by Russia-Ukraine peace talks earlier in the week sparked a risk-averse reaction that hit risk-sensitive commodity currencies.
The rise in the US dollar index further hindered the upside of the pound.
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:
The price of gold fluctuated widely yesterday, 31st March 2022.
On the other hand, Putin threatened to cut off the supply of natural gas to Europe, and Ukraine was preparing for a new round of attacks by the Russian army, which pushed up risk aversion.
The biggest year-on-year increase in the U.S. core PCE price index in nearly 40 years also fueled inflation concerns and provided support for gold prices.
However, the relatively stable U.S. job market and strong wage growth have strengthened the market’s optimistic expectations for non-farm payrolls, which has strengthened the dollar too.
The Russia-Ukraine peace talks will resume on Friday, 1st April 2022, making the bulls still wary.
At the same time, the markets will focus on the evening jobs report for further confirmation of the strength of the labor market and to understand the likely path of monetary policy by the Federal Reserve.
Technical Analysis：
(Gold 1-hour chart)
Trading Strategies:
Gold is focused on the 1937-line today. If the gold price runs steadily below the 1937-line, it will pay attention to the support strength of the 1919 and 1909 positions. If the gold price breaks above the 1937-line, it will open up further upward space. At that time, we will pay attention to the suppression strength of the two positions in 1948 and 1961.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Oil prices fell yesterday, 31st March 2022, with U.S. oil down nearly 6%.
U.S. President Biden announced the largest-ever release of the U.S. Strategic Petroleum Reserve and called on oil companies to increase drilling to ramp up supplies. Biden also said that allies and partners could release 30 million to 50 million barrels of crude oil.
The focuses of the day will be on the U.S. March non-farm payrolls data, the U.S. March Markit manufacturing PMI final, the Russia-Ukraine negotiations, and the meeting of IEA member countries to decide whether to release oil collectively.
Technical Analysis：
(Crude oil 1-hour chart)
Trading Strategies:
Oil prices focus on the 102.52-line today. If the oil price runs below the 102.52-line, then focus on the support at 97.33 and 93.57. If the oil price runs above the 102.52-line, focus on the suppression of 107.52 and 111.95.
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.
