1. Forex Market Insight
The euro rose 0.4% against the dollar to $1.0831. The euro hit a nine-month high of $1.089 on Wednesday, 18th January 2023. European Central Bank President Christine Lagarde said Thursday that inflation is far too high, and the ECB will continue to raise interest rates.
(EUR/USD 1-hour Chart)
We focus on the 1.0832 line today. If the EUR runs below the 1.0832 line, then pay attention to the support strength of the two positions of 1.0776 and 1.0734. If the strength of EUR rises over the 1.0832 line, then pay attention to the suppression strength of the two positions of 1.0871 and 1.0940.
GBP Intraday Trend Analysis
Bank of England Governor Tony Blair said there is now a more optimistic outlook for falling inflation this year, noting that the central bank is not pushing back against market expectations that interest rates will top out at 4.5%.
The pound closed up 0.36% against the dollar on Thursday, 19th January 2023, closing at 1.2387, the highest close since Dec. 20.
(GBP/USD 1-hour Chart)
GBP is mainly focused on the 1.2311-line today. If GBP runs below the 1.2311-line, it will pay attention to the suppression strength of the two positions of 1.2222 and 1.2111. If GBP runs above the 1.2311-line, then pay attention to the suppression strength of the two positions of 1.2443 and 1.2548.
2. Precious Metals Market Insight
Gold prices rose more than 1% Thursday, 19th January 2023, helped by a weaker dollar and some safe-haven demand, after the release of poor U.S. economic data and hawkish statements from Federal Reserve officials fueled fears of a recession.
Spot gold climbed 1.1% to $1,924.09 an ounce, close to a nine-month high of $1,932 touched on Monday.
(Gold 1-hour Chart)
Gold pays attention to the 1932-line today. If the gold price runs below the 1932-line, then it will pay attention to the support strength of the 1919 and 1909 positions. If the gold price breaks above the 1932-line, then pay attention to the suppression strength of the two positions of 1944 and 1955.
3. Commodities Market Insight
WTI Crude Oil
Oil prices closed up 1% on Thursday, 19th January 2023, extending recent gains sparked by rising demand, while the market ignored a massive increase in U.S. crude inventories for a second straight week.
Oil prices came under pressure after data from the U.S. Energy Information Administration (EIA) showed that U.S. crude inventories rose by 8.4 million barrels last week, the largest increase since June 2021.
(Crude Oil 1-hour Chart)
Oil prices focus on the 81.31 – line today. If the oil price runs above the 81.31 -line, then focus on the suppression strength of the two positions of 82.78 and 84.06. If the oil price runs below the 81.31 -line, then pay attention to the support strength of the two positions of 79.28 and 78.14.
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