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Xu Xiyang Market Commentary – 22 March 2022

March 22,2022 06:09:00

The dollar rebounded overnight, the non-US currency fell into adjustment, and gold remained volatile. Ukraine said it would not accept Russia’s ultimatum. Several EU countries are pushing for the fifth round of sanctions against Russia, but many countries oppose adding a ban on Russian oil imports to the new round of sanctions. Although there is no formal ban across Europe, traditional buyers of Russian crude oil and refined petroleum products have been cautious and unwilling to accept goods from the country. Thus, it has led to more significant fluctuations in crude oil prices. As a result, oil prices have soared sharply again, and there is still a possibility that they will continue to rise in the short term.

In addition, Federal Reserve Chairman Powell said on Monday that the Fed must act “quickly” to curb excessive inflation. He added that if necessary, the Fed would raise interest rates by a more significant margin than usual. The hawkish remarks boosted the dollar, and the market is still mostly bullish. You can continue to pay attention to the speeches by the Federal Reserve’s FOMC Permanent Voting Committee, New York Fed Chairman Williams and European Central Bank President Christine Lagarde.

The US dollar rebounded for the second consecutive day and broke the 10-day moving average. 98 is still the key support level. If the support level is maintained, the market is expected to continue to explore the previous high in the future, and many orders can continue to be held.

Gold rebounded slightly, but its strength was weak. The daily RSI hovered near 50. The dead fork of the short-term moving average showed signs of shrinking. The short-term direction is not yet clear. You can wait and see for the time being and focus on the first-line resistance of 1950.

Crude oil has risen for four consecutive days, standing on the 5-day and 10-day moving average. The moving average shows signs of trading in the golden fork. The bulls are strong, and 115.5-116 are under intense pressure. Short-term multi-orders still need to be held cautiously and pay attention to protecting profits.

Europe and the United States fell again, losing the 10-day moving average, and the daily RSI turned downwards, showing a head-and-shoulder peak for 4 hours. If the pressure continues to be at 1.10-1.1020, it can continue to enter the air near the pressure level.

The pound closed out of the Doji and stabilized at the 1.31 mark again. It showed a head-to-shoulder bottom for 4 hours, and it can continue to be much lower above the mark. The above focuses on the first-line pressure of 1.32.

Australia and the United States fluctuated slightly at the high level, and they are still supported by the 5-day moving average below. 0.7360-70 is the first key support level. If the support stands firm, the market is expected to challenge the previous high in the future. Those who are stable can wait and see for now.

The US and Japan have broken consecutive highs and stood at the 120 mark. The short-term trend has maintained a consistent long-term pattern. The Japanese RSI is close to the overbought area, and multiple orders can continue to be held. Pay close attention to the 120.8-121 pressure above.

Silver rebounded yesterday and continued to oscillate back and forth around the short-term moving average. The short-term trend is unclear. You can continue to wait and see, focusing on the first-line resistance of 25.4 above.

A50 closed out of the minor negative line, and it is still supported by the short-term moving average below, and the daily RSI is still below 50. Those who are stable can continue to wait and see. If the 14,000 mark does not break, they can choose the opportunity to short.

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