1. Forex Market Insight
EUR/USD
The euro fell by 0.74% to 1.0853 against the dollar, coming off an intraday low of 1.0805 driven by short-covering.
The European officials are divided on whether to sanction Russian oil exports despite Europe’s quest to reduce its dependence on Russian gas.
Technical Analysis：
(EUR/USD 1-hour chart)
Execution Insight:
Focus on the 1.0832-line today. If the euro runs steadily above the 1.0832-line, then pay attention to the suppression strength of the two positions of 1.0890 and 1.1031. If the strength of the euro breaks below the 1.0832-line, then pay attention to the support strength of the two positions of 1.0776 and 1.0697.
GBP Intraday Trend Analysis
Fundamental Analysis：
The market generally expects a sustained $20 rise in oil prices to reduce real economic growth in the U.K. by 0.6% and in the U.S. by 0.3%.
But in a more unfavorable scenario, if Russian gas shipments through Ukraine are cut, then the U.K.’s GDP could fall by as much as 1% due to just one factor, gas.
As a result, the pound fell by 1.02% against the dollar to 1.3102, the lowest level since November 2020.
Technical Analysis：
(GBP/USD 1-hour chart)
Execution Insight:
The pound is mainly focused on the 1.3104-line today. If the pound runs above the 1.3104-line, it will pay attention to the suppression strength of the two positions of 1.3186 and 1.3276. If the pound runs below the 1.3104-line, it will pay attention to the support strength of the 1.2991-line.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Forecasts for 10-year inflation in U.S. and European bond markets rose to record highs, fueling fears of an inflationary shock to the global economy and boosting demand for gold as a store of value.
As a result, spot gold rose for three days in a row, hitting a new high since 19th August 2020 to $2002.5 per ounce.
Technical Analysis：
(Gold 1-hour chart)
Trading Strategies:
Gold is focused on the 2008-line today. If the gold price runs steadily below the 2008-line, then it will pay attention to the support strength of the two positions of 1981 and 1960. If the gold price exceeds the 2008-line, it will open up further upward trend. At that time, pay attention to the suppression strength of the 2036-line.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Oil prices jumped to their highest level since 2008 yesterday, 7th March 2022, as the U.S. and European allies considered banning oil imports from Russia.
Meanwhile, the prospect of a rapid return of Iranian crude to the global market appeared to have diminished.
Technical Analysis：
(Crude oil 1-hour chart)
Trading Strategies:
Oil prices focus on the 127.10-line today. If the oil price runs below the 127.10-line, then focus on the support strength of the 116.30 and 111.95 positions. If the oil price breaks above the 127.10-line, then pay attention to the suppression of the 133.81-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.
