1. Forex Market Insight   

EUR/USD

The EU has decided to impose a new round of sanctions on Russia. The main measures include the cancellation of Russia’s most-favored-nation treatment in trade, the ban on EU companies investing in Russia’s oil and gas sector, the ban on exporting luxury goods and high-class cars to Russia, along with the ban on exporting Russian steel to the EU.

This is the fourth round of EU sanctions against Russia since the outbreak of the Russia-Ukraine conflict. European Commission President von der Leyen said that the EU will also seek to suspend Russia’s membership in international organizations such as the International Monetary Fund and the World Bank.

Technical Analysis：

(EUR/USD 1-hour chart)   

Execution Insight:   

Today, focus on the 1.0890-line. If the euro runs steadily above the 1.0890-line, then pay attention to the suppression strength of the two positions of 1.0986 and 1.1031. If the strength of the euro breaks below the 1.0890-line, then pay attention to the support strength of the two positions of 1.0832 and 1.0776.

GBP Intraday Trend Analysis   

Fundamental Analysis：   

The pound gave back earlier gains against the dollar, falling by 0.27% to 1.3000, even though the Bank of England appears poised to raise interest rates to 0.75% on Thursday (17th March 2022), which would be the third consecutive rate hike.

Technical Analysis：   

(GBP/USD 1-hour chart)  

Execution Insight:   

The pound is mainly focused on the 1.3104-line today. If the pound runs below the 1.3104-line, it will pay attention to the support strength of the two positions of 1.2991 and 1.2872. 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.

2. Precious Metals Market Insight

Gold

Fundamental Analysis:   

Spot gold fell for the second day in a row, refreshing its low since 4th March 2022 to $1,949.40 per ounce, as the situation in Russia and Ukraine appeared to show signs of easing and the U.S. bond yields surged.

At the same time, the market raised their expectations of how much the Federal Reserve will tighten policy this year.

Technical Analysis：   

(Gold 1-hour chart)   

Trading Strategies:

Gold pays attention to the 1960-line today. If the gold price runs steadily below the 1960-line, then it will pay attention to the support strength of the two positions of 1929 and 1919. If the gold price breaks above the 1960-line, it will open up further upward trend. At that time, pay attention to the pressure of the 1974 and 1992 positions.

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:   

Yesterday, Brent ended the day with a 5.83% plunge to close at $106.1 per barrel, the lowest closing level since 2nd March 2022.

Oil prices reflected a bearish sentiment as Russian and Ukrainian negotiators made statements one after another, releasing optimistic signals that Ukraine and Russia appear to be embarking on more substantive talks.

Technical Analysis：

(Crude oil 1-hour chart)   

Trading Strategies: 

Oil prices focus on the 102.52-line today. If the oil price runs below the 102.52-line, then pay attention to the support at 95.05 and 91.54. If the oil price runs above the 102.52-line, then pay attention to the suppression of the 107.5-line.

Disclaimer   

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