1. Forex Market Insight
EUR/USD
The Fed will likely discuss accelerating the pace of monetary tightening at next week’s meeting. If the Fed is going to make a major policy adjustment, it will signal it several months in advance.
Therefore, if maximum flexibility in raising rates is desired, the Fed will begin raising rates sooner rather than later, with discussions taking place as soon as next week.
With this, market turbulence is expected to follow, but this volatility could be a buying opportunity. At that point, this will put upward pressure on the euro.
Technical Analysis：
(EUR/USD 1-hour chart)
Execution Insight:
Today, pay attention to the support strength of 1.1278. If the euro runs stably above the 1.1278-line, then the strength of the euro’s might rebound. At that time, pay attention to the suppression of the two positions at 1.1315 and 1.1357 above. If the strength of the euro breaks below the 1.1278-line, then pay attention to the suppression of the two positions 1.1250 and 1.1198, and especially the first-line suppression of 1.1378.
GBP Intraday Trend Analysis
Fundamental Analysis：
The pound fell by 0.30% to 1.3204 against the dollar, hitting 1.3163 intraday, the lowest level in nearly a year. After Prime Minister Johnson implemented stricter restrictions in England, requiring people to work from home, wear masks in public places and use vaccine passes to slow the spread of the Omicron variant. Meanwhile, the money markets lowered bets on rate hikes, with expectations of only 6 basis points for the Bank of England to raise rates next week.
Technical Analysis：
(GBP/USD 1-hour chart)
Execution Insight:
The pound today is mainly focused on the 1.3302-line. If the pound runs below the 1.3302-line, then pay attention to the support at the 1.3186 and 1.3104 positions. If the pound strength rises above the 1.3302-line, then pay attention to the 1.3409-line of suppression.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Gold prices fell slightly yesterday as the dollar strengthened and data showed a sharp drop in U.S. initial jobless claims, while investors took note of the upcoming inflation report that could influence the Fed’s monetary strategy.
The focus during the day will be on the U.S. CPI and the University of Michigan Consumer Confidence Index for November. CPI is expected to be significantly higher than the previous value, according to October, if inflation is higher than the expected 6.8%, the support role of gold prices should be stronger, gold prices or sharply higher, if inflation is below 6.8%, gold prices may be in shock.
Technical Analysis：
(Gold 1-hour chart)
Trading Strategies:
Gold still pays attention to the 1784-line today. If the price of gold runs below the 1784-line, then pay attention to the support of the 1775 and 1768 positions. If the gold price rebounds above the 1784-line again, it will open up further room for rebound. At that time, pay attention to the suppressive strength in two positions at 1793 and 1804.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Oil prices fell by nearly 3% on Thursday, 9th November 2021, as the rapid spread of the Covid-19 variant strain of Omicron renewed market concerns about the possibility of more restrictions, which in turn could hit crude oil demand, dulling optimistic expectations from vaccine efficacy.
Intraday focus on the U.S. November unadjusted CPI index, the preliminary U.S. University of Michigan consumer confidence index for December, and the U.S. all-U.S. drilling total for the week ending Dec. 10 released at 2:00 Saturday.
Technical Analysis：
(Crude oil 1-hour chart)
Trading Strategies:
Oil prices are paying attention to the 73.52-line today. If oil prices run below the 73.52-line, maintain the bearish trend, and pay attention to the support at 69.75 and 68.57 in turn. If the oil price breaks above 73.52, it will open up further upside space. At that time, pay attention to the suppression of the two positions at 75.69 and 76.89.
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.
