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Maxain Morning Analysis 08/11/2023

EUR/USD

Trend Theme:EUR/USD remains on the defensive below 1.0700, Fed Chair Powell’s speech in focus.

Trend Review:The EUR/USD pair lacks any firm intraday direction on Wednesday and oscillates in a narrow trading band, around the 1.0700 round-figure mark during the Asian session. 

Today Advise:Bearish

Key Levels:

PPResistance*1.0724 *1.0753 **1.0783 ***
1.0694Support*1.0665 *1.0635 **1.0606 ***

Weekly forecast

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GBP/USD

Trend Theme:GBP/USD holds onto losses as it consolidates around 1.2300.

Trend Review:GBP/USD came under renewed bearish pressure and slumped toward 1.2250 on Tuesday. Later, as the US Dollar lost momentum, amid a reversal in Treasury yields and as stocks in Wall Street turned positive,  the pair trimmed losses and climbed to the 1.2300 area. 

Today Advise:Bullish

Key Levels:

PPResistance*1.2342 *1.2391 **1.2430 ***
1.2302Support*1.2253 *1.2214 **1.2165 ***

Weekly forecast

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WTI

Trend Theme:Demand concerns and a stronger dollar pushed oil prices down more than 4 percent to their lowest since July.

Trend Review:International crude oil futures settled sharply down more than 4 percent to their lowest level since late July after mixed Chinese economic data and rising OPEC exports eased concerns about market strains, as well as a stronger dollar.

Today Advise:Bearish

Key Levels:

PPResistance*79.75 *82.19 **83.52 ***
78.42Support*75.99 *74.66 **72.22 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold loses ground near $1,970 as US Dollar rebounds.

Trend Review:Gold price continues to move on a downward trajectory due to the rebound in the US Dollar (USD). The price of Gold trades lower around $1,970 per troy ounce during the Asian session on Wednesday.

Today Advise:Neture

Key Levels:

PPResistance*1979.62 *1990.27 **2001.71 ***
1968.18Support*1957.53 *1946.09 **1935.44 ***

Weekly forecast

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