At the beginning of the European market on Friday (May 22), market sentiment was still torn and entangled. During the day, the US dollar and gold rose sharply together. The US dollar index is currently extending its upward trend. 99.80, which has risen by more than 40 points since the daily low, and the current increase is 0.34%. At the same time, the international spot gold has also been accelerating soaring all the way. The intraday increase has expanded to about 0.7%, reaching a maximum of US $ 1740.19 per ounce. It has risen from the daily low and exceeded US $ 15.
The latest article by John Benjamin, an analyst at Orbex, a foreign agency, analyzes and predicts the trend of the euro, pound, crude oil and gold. The main content of the article is as follows:
EUR / USD
During the day, the euro / dollar fell sharply all the way, continuing the retracement of the decline since the previous trading high of 1.1008. It is currently accelerating to a low of 1.0899, and the intraday decline has expanded to 0.38%.
In fact, the euro / dollar retracement has already indicated preliminary signals early. It is expected that the exchange rate may further extend the decline in the next period of time. The lowest may touch the range low of 1.0736, but before this, it may first obtain preliminary support in the 1.0885 / 1.0879 area.
If the euro / dollar successfully holds the above support, it will stop further declines and will open the door for a rebound in the market outlook.
And if the EUR / USD rebounds again and breaks through the 1.1000 mark, it will usher in a bigger uptrend.
GBP / USD
During the day, the GBP / USD narrowed the trading range near 1.2215 and suddenly accelerated to a downward trend. The lowest intraday reached 1.2161, and it has rebounded slightly from the low.
Previously GBP / USD fell rapidly after rising to 1.2277, which may indicate that the exchange rate is facing resistance at this level.
On the downside, GBP / USD gains dynamic support at the trend line. If it rebounds further, it will face the test again at the 1.2277 level.
However, only when the GBP / USD strong breaks the 1.2277 resistance level can further confirmation be confirmed.
However, for now, GBP / USD seems to have reached the bottom at 1.2100.
Only when the GBP / USD falls below the support of the trend line can it fall to the 1.2100 level.
WTI crude oil
WTI crude oil prices rose more than 2% on the previous trading day.
The steady bullish trend in crude oil has pushed prices to break the $ 30 / barrel mark for the first time since mid-March.
If this bullish momentum continues, crude oil will target the next round of upside with 45.00 as the target. The target resistance level will be tested again at that time, but some consolidation may appear before the level of 33.55 USD / barrel before this.
The crude oil price also has room for adjustment. However, this can only be confirmed in a strong closing situation.
The intraday oil price started a large shock decline, continuing the retracement since the previous trading day high of $ 34.66 / barrel. Next, we will observe whether the oil price will drop sharply this trading day.
International spot gold formed a lower high. Will the decline continue?
Earlier, gold fell and gave up its gains, so the price trend showed a lower high, which was near the resistance of $ 1747 / oz.
After this, the price of gold has now rebounded from a low level. On the whole, the trend of gold prices is in a trend of consolidation.
The initial support for gold price is located at US $ 1730.40 per ounce. If it falls below this level, the price of gold will fall further. Look at the target below at $ 1717.65 per ounce, which is also the confluence point with the upward trend line.
At 16:35 Beijing time, EUR / USD was reported at 1.0909 / 12, GBP / USD was reported at 1.2181 / 83, WTI crude oil was reported at USD 31.82 / barrel, and spot gold was reported at USD 1738.70 / oz.