1. Forex Market Insight
EUR/USD
The euro was up by 0.12% against the dollar at 1.1373, having risen to an intraday high of 1.1396 after the Fed report, weighed down by falling yields, rising volatility, and concerns about the situation in Ukraine.
On the geopolitical front, the U.S. and NATO said Russia was still amassing troops near Ukraine on Wednesday, 16th February 2022, despite Moscow’s insistence that it was withdrawing its troops.
Technical Analysis：
(EUR/USD 1-hour chart)
Execution Insight:
Today, we will pay attention to the suppression strength of the 1.1401-line. If the euro runs steadily below the 1.1401-line, we will pay attention to the support strength of the two positions below 1.1357 and 1.1315.
GBP Intraday Trend Analysis
Fundamental Analysis：
The pound was up by 0.35% against the dollar at 1.3586, with about 1 billion pounds of options with an exercise price at 1.3500 expiring Thursday, 17th February 2022.
Earlier data showed that the U.K. inflation reached a nearly 30-year high of 5.5%, but markets reacted mutedly to this, while the U.K. Treasury yields weakened.
The Bank of England has raised interest rates twice since last December, and financial markets expect the Bank of England to raise rates further at its next meeting on March 17th.
Technical Analysis：
(GBP/USD 1-hour chart)
Execution Insight:
The pound is mainly focused on the 1.3610-line today. If the pound runs below the 1.3610-line, it will pay attention to the support strength of the 1.3516 and 1.3443 positions. If the pound runs above the 1.3610-line, it will focus on the suppression strength of the 1.3661 and 1.3712 positions.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Gold prices rose sharply yesterday as the U.S. indicated that Russia is still building up its forces around Ukraine, while the Fed released the latest minutes of its dovish meeting. However, retail sales data hit a record high, which limited the gains in gold prices.
The focus during the day will be on the U.S. initial claims data, plus the Fed officials’ speech is also worth watching.
Technical Analysis：
(Gold 1-hour chart)
Trading Strategies:
Gold pays attention to the 1869-line today. If the gold price runs steadily below the 1869-line, then it will pay attention to the support strength of the 1855 and 1830 positions. If the gold price breaks above the 1869-line, it will open up further upward space. At that time, pay attention to the pressure at the 1880 and 1896 positions.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Today, during the Asian session, U.S. oil extended its decline and fell below the 90 mark, now at $89.50/barrel.
Significant progress has been made in the Iranian nuclear talks, edging close to an agreement, and the IEA urged OPEC+ to increase production, dragging oil prices lower.
However, the geopolitical situation remains tense to support oil prices.
Intraday, focus on the U.S. initial jobless claims as of February 12th, the U.S. January monthly rate of building permits.
In addition, anticipate the Federal Reserve speeches on the outlook for the U.S. economy and monetary policy on Friday morning.
Technical Analysis：
(Crude oil 1-hour chart)
Trading Strategies:
Oil prices focus on the 88.02-line today. If the oil price runs above the 88.02-line, then pay attention to the suppression strength of the 90.44 and 93.25 positions. If the oil price breaks below the 88.02-line, then pay attention to the support strength of the 85.72 and 82.83 positions.
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.
