1. Forex Market Insight
EUR/USD
The crisis in Ukraine added fuel to the oil price rally, which did become the reason for the sharp weakening of the euro and the main reason for the strength in commodity currencies.
With this, the euro was down 0.47% at 1.1065, having dipped as low as 1.1033 during the session, again reaching its lowest level since May 2020.
Technical Analysis：
(EUR/USD 1-hour chart)
Execution Insight:
Focus on the 1.1143-line today. If the euro runs steadily below the 1.1143-line, then pay attention to the support strength of the two positions of 1.0986 and 1.0890. If the strength of the euro breaks above the 1.1143-line, then pay attention to the suppression strength of the two positions of 1.1226 and 1.1267.
GBP Intraday Trend Analysis
Fundamental Analysis：
Thanks to safe-haven inflows and a solid U.S. economy, the U.S. dollar is currently in excellent shape.
And, of course, the data released this week is very positive, so seeing strong job growth, coupled with oil prices fueling inflation, would lead markets to believe that this would keep the discussion of a significant Fed rate hike alive, causing non-U.S. currencies like the pound to come under pressure.
Technical Analysis：
(GBP/USD 1-hour chart)
Execution Insight:
The pound is mainly focused on the 1.3409-line today. If the pound runs below the 1.3409-line, then pay attention to the support strength of the two positions of 1.3276 and 1.3186. If the pound runs above the 1.3409-line, then pay attention to the suppression strength of the two positions of 1.3443 and 1.3489.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Gold fluctuated at a high level as Fed Chairman Jerome Powell hinted raising interest rates by 25 basis points instead of 50 basis points, as well as some progress in Russia-Ukraine peace talks.
During this interval, the market will be focusing on the non-farm payrolls data for February, which will be released on the evening of March 4.
Technical Analysis：
(Gold 1-hour chart)
Trading Strategies:
Gold is focused on the 1960-line today. If the gold price runs steadily below the 1960-line, then pay attention to the support strength of the two positions of 1919 and 1896. If the gold price breaks above the 1960-line, it will open up further upward trend. At that time, pay attention to the suppression strength of the 1981-line.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Oil prices soared to a thirteen-year high of $116.57 per barrel yesterday on U.S. sanctions against Russian refiners, shipping disruptions and a drop in U.S. crude inventories to multi-year lows, before falling back below $110 per barrel on the prospect of an Iranian nuclear deal that would add crude supplies to a tight global market.
Technical Analysis：
(Crude oil 1-hour chart)
Trading Strategies:
Oil prices focus on the 99.50-line today. If the oil price runs above the 99.50-line, then focus on the suppression strength of the 111.95 and 116.30 positions. If the oil price breaks below the 99.50-line, then pay attention to the support strength of the 95.05 and 90.44 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.
