1. Forex Market Insight
EUR/USD
The euro rose sharply against the dollar on Thursday, 10th November 2022 once touching a high of 1.0221, and finally closed up 1.97% at 1.0209.
However, the energy crisis and the euro zone recession continues, the fear of limiting the euro’s gains. The ECB said soaring energy prices will continue to put pressure on spending and production, and economic activity in the eurozone may contract sharply in the third quarter of 2022.
Eurozone economic activity is likely to slow significantly in the third quarter of 2022 and is expected to weaken further in the remainder of 2022 and early 2023.
The ECB also said that deteriorating terms of trade are putting pressure on euro area incomes as the prices of imported goods are rising faster than those of exports.
Technical Analysis：
(EUR/USD 1-hour Chart)
We focus on the 1.0190 line today. If the EUR runs below the 1.0190 line, then pay attention to the support strength of the two positions of 1.0116 and 0.9999. If the strength of EUR rises over the 1.0190 line, then pay attention to the suppression strength of the two positions of 1.0277 and 1.0357.
GBP Intraday Trend Analysis
Fundamental Analysis：
Yesterday, 10th November 2022 the pound surged more than 300 points against the dollar in the short term to 1.1730, before closing up 3.18% at 1.1714.
The UK government appears set to unveil radical fiscal austerity measures in its fall report on Nov. 17, but the likely impact on the pound is unclear.
While the expectation that fiscal austerity will dampen economic growth should be negative for the pound, it will remove any residual market concerns about the fiscal situation, which would have a positive impact on the pound.
However, the fiscal premium in the market has largely lifted since UK Chancellor of the Exchequer David Hunt withdrew many of the tax cuts introduced by his predecessor’s government, so concerns about economic growth are more likely to dominate the pound’s movement.
Technical Analysis：
(GBP/USD 1-hour Chart)
GBP is mainly focused on the 1.1756-line today. If GBP runs below the 1.1756-line, it will pay attention to the suppression strength of the two positions of 1.1565 and 1.396. If GBP runs above the 1.1756-line, then pay attention to the suppression strength of the two positions of 1.1898 and 1.1977.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Gold prices rallied more than 2% on Thursday, 10th November 2022 to reach their highest in more than two months after data showed U.S. inflation cooled slightly in October, raising hopes that the Federal Reserve will take a less aggressive approach to raising interest rates.
Technical Analysis：
(Gold 1-hour Chart)
Gold pays attention to the 1760 -line today. If the gold price runs below the 1760 -line, then it will pay attention to the support strength of the 1741 and 1725 positions. If the gold price breaks above the 1760-line, then pay attention to the suppression strength of the two positions of the 1768 and 1783.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Oil prices closed about 1% higher Thursday, 10th November 2022, rising for the first time this week, as weaker-than-expected U.S. inflation data overshadowed concerns about fuel demand.
Crude oil futures rebounded after three straight days of losses after inflation data supported investor hopes that the Federal Reserve will slow the pace of interest rate hikes, which could support oil demand.
Technical Analysis：
(Crude Oil 1-hour Chart)
Oil prices focus on the 86.67 line today. If the oil price runs above the 86.67-line, then focus on the suppression strength of the two positions of 88.53 and 89.25. If the oil price runs below the 86.67-line, then pay attention to the support strength of the two positions of 85.53 and 84.08.
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.
