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Maxain Morning Analysis 02/11/2023

EUR/USD

Trend Theme:EUR/USD gains traction near 1.0600, eyes on US NFP data.

Trend Review:The EUR/USD pair surges above 1.0580 during the early Asian session on Thursday. The weaker US Dollar (USD) after the Federal Open Market Committee (FOMC) policy meeting lends some support to the major pair. EUR/USD currently trades around 1.0597, up 0.26% on the day.. 

Today Advise:Bearish

Key Levels:

PPResistance*1.0595 *1.0620 **1.0659 ***
1.0556Support*1.0532 *1.0492 **1.0468 ***

Weekly forecast

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AUD/USD

Trend Theme:AUD/USD extends gains toward 0.6450 after mixed Australian trade data.

Trend Review:AUD/USD is extending gains toward 0.6450 in Asian trading on Thursday. The pair is cheering the Fed pause and mixed US economic data, which keep the US Dollar undermined. The global risk rally underpins the Aussie Dollar, despite mixed Australian Trade data. 

Today Advise:Bullish

Key Levels:

PPResistance*0.6423 *0.6452 **0.6504 ***
0.6370Support*0.6341 *0.6289 **0.6260 ***

Weekly forecast

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WTI

Trend Theme:Conflict premium losses, the Federal Reserve became the focus of attention, US crude oil risk to defend the 80 mark.

Trend Review:Oil prices started November in the red after the Federal Reserve decided to focus on the Middle East conflict premium loss. The dollar firmed after the Federal Reserve held interest rates steady as expected, but the Fed said it would keep open the possibility of a future rate hike, and oil prices fell about 1 percent to a three-week low. Higher interest rates could slow economic growth and dampen oil demand. A stronger dollar makes it more expensive to buy fuel using other currencies, putting pressure on prices..

Today Advise:Bullish

Key Levels:

PPResistance*82.50 *84.28 **85.47 ***
81.31Support*79.53 *78.34 **76.56 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold stages a modest recovery above $1,980 after Fed rate pause.

Trend Review:Gold price (XAU/USD) stages a modest recovery during the early Asian session on Thursday. The rebound of precious metal is bolstered by a decline in the US Treasury bond yields following the the Federal Open Market Committee (FOMC) policy meeting.

Today Advise:Bullish

Key Levels:

PPResistance*1993.67 *2004.77 **2016.66 ***
1981.78Support*1970.68 *1958.79 **1947.69 ***

Weekly forecast

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