1. Forex Market Insight
The euro slipped 0.6% against the dollar to $1.0724, the lowest since Jan. 9, after having fallen 1% on Friday, 3rd February 2023.
Last week’s strong U.S. jobs report raised the likelihood that the Federal Reserve will continue to raise interest rates for a longer period to fight inflation, causing the euro to come under pressure to the downside.
(EUR/USD 1-hour Chart)
We focus on the 1.0729 line today. If the EUR runs below the 1.0729 line, then pay attention to the support strength of the two positions of 1.0697 and 1.0642. If the strength of EUR rises over the 1.0729 line, then pay attention to the suppression strength of the two positions of 1.0776 and 1.0802.
GBP Intraday Trend Analysis
The pound was down 0.2% at $1.20245, a one-month low, as markets await U.K. economic growth data and statements from Bank of England policymakers on the pace of interest rate hikes for clues on the pound’s outlook.
(GBP/USD 1-hour Chart)
GBP is mainly focused on the 1.2010-line today. If GBP runs below the 1.2010-line, it will pay attention to the suppression strength of the two positions of 1.902 and 1.782. If GBP runs above the 1.2010-line, then pay attention to the suppression strength of the two positions of 1.2111 and 1.2222.
2. Precious Metals Market Insight
Gold prices rose on Monday, 6th February 2023 the market valued gold’s safe-haven appeal amid lingering concerns about an economic slowdown, after a stronger dollar and rising U.S. bond yields once dragged gold prices to a one-month low.
Spot gold rose 0.2% to $1,868.96 an ounce, after touching $1,860 earlier in the day, the lowest since Jan. 6.
(Gold 1-hour Chart)
Gold pays attention to the 1866-line today. If the gold price runs below the 1866-line, then it will pay attention to the support strength of the 1847 and 1832 positions. If the gold price breaks above the 1866-line, then pay attention to the suppression strength of the two positions of 1880 and 1892.
3. Commodities Market Insight
WTI Crude Oil
Oil prices climbed in shock trading Monday, 6th February 2023, as the market weighed a rebound in Chinese demand against supply concerns and worries about slowing growth in major economies curbing consumption.
Oil prices were boosted by the prospect of a recovery after China eased restrictions on new crowns.
(Crude Oil 1-hour Chart)
Oil prices focus on the 75.04 – line today. If the oil price runs above the 75.04 -line, then focus on the suppression strength of the two positions of 76.00 and 76.89. If the oil price runs below the 75.04 -line, then pay attention to the support strength of the two positions of 73.52 and 72.37.
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