03/23 Market report

【Dow Jones】

Fed Chairman Jerome Powell said he was ready to raise interest rates by 2 yards if necessary to ensure that inflation could return to stability. It was reiterated that the epidemic and the War between Ukraine and Russia could bring a lot of uncertainty to the future.

As soon as the remarks came out, the market expected fed to increase the rate of interest rates in May from 1 yard to 2 yards. The US 10-year Treasury yield continued to rise, hitting a new high since 2019.

In terms of the technical line of the Dow Jones, the Dow Index's Alligator is tangled but has begun to move towards a golden cross. Coupled with the fact that KD has a high-end figure, it shows that the buying power of the Dow Jones Index is quite strong. The Dow Jones index has been pushed upwards, but in terms of daily movements, it has reached a high point in the recent downward trend. The buying power may need to be stronger to break through this big pattern.

USA30-D1

Resistance point 1: 35500 / Resistance point 2: 36200 / Resistance point 3: 36800

Support point 1: 34200 / support point 2: 33500 / support point 3: 33200

【Japanese Yen】

According to the data of the CFTC of the US Commodity Futures Trading Commission, the number of long orders in the yen speculation category increased by 18468, and the number of short orders increased by 24952. It showed that the number of net short orders increased by 6801. The data showed that investors' trades for the Japanese currency, both long and shorts, increased significantly.

The trend of the US dollar against the Yen is quite strong. Not only is it preparing to challenge the 2015 high of 125.9, the technical line of the Alligator shows a golden cross while the KD shows a high-end figure. These all show that the recent USDJPY buying force is very strong. This trend is still not lost due to the strong crude oil and investors are advised not to go against the trend yet.

USDJPY-D1

Resistance point 1: 121.800 / Resistance point 2: 123.200 / Resistance point 3: 124.500

Support point 1: 119.800 / Support point 2: 118.200 / Support point 3: 116.800

【Gold】

According to the data of the CFTC of the US Commodity Futures Trading Commission, the gold speculative long order decreased by 17887 and the short order decreased by 5287. Together, it showed that the net long single order number decreased by 12600. The bulls and bears in gold were reduced.

From the technical line of the gold daily line, it can be roughly seen that the direction is becoming more chaotic. The Alligator moving average is tangled while the KD is gradually shrinking. This shows that the gold movement is a bit weak even although it still has some buying power. The tension of safe-haven demand has dropped sharply but many unknown risky events still exist and that puts gold holders are in a dilemma.

XAUUSD-D1

Resistance point 1: 1935.00 / Resistance point 2: 1950.00 / Resistance point 3: 1980.00

Support point 1: 1910.00 / support point 2: 1900.00 / support point 3: 1890.00

【Crude Oil】

According to the data of the CFTC of the US Commodity Futures Trading Commission, the long orders of crude oil speculation decreased by 10738, while the number of short orders increased by 9112. It was integrated to show that the number of net short orders increased by 19850. This shows that large speculators were not very optimistic about the subsequent trend of crude oil and many large short orders entered the market.

At this stage, there are growing calls within the European Union for an energy embargo against Russia, which experts believe would raise oil prices by 7%.

From the technical chart of the daily line of crude oil, the Alligator can be seen gradually moving towards a golden crossover. Although the opening is not very large, if combined with the high-end figure of KD, the technical indicators will point towards a strong buy. The crude oil is still consolidating at a high price and waiting for new information bring out a new trend.

USOIL-D1

Resistance point 1: 113.800 / Resistance point 2: 118.500 / Resistance point 3: 121.200

Support point 1: 98.800 / support point 2: 95.500 / support point 3: 93.800

OnePro Special Analyst

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The foregoing is a personal opinion only and does not represent any opinion of OnePro Global, nor is there any guarantee of reliability, accuracy or originality in the foregoing.

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