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Maxain Morning Analysis 04/12/2023

EUR/USD

Trend Theme:EUR/USD holds below 1.0900, ECB’s Lagarde speech eyed.

Trend Review:EUR/USD is trading below 1.0900, snapping its three-day losing streak during Asian trading hours on Monday. The pair stays supported by a weaker US Dollar and lower US Treasury bond yields amid speculation that the Federal Reserve is set to cut rates in March next year. EU’s Sentix and Lagarde speech awaited. 

Today Advise:Bearish

Key Levels:

PPResistance*1.0919 *1.0958 **1.1003 ***
1.0874Support*1.0835 *1.0790 **1.0750 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen advances to near three-month high against USD, seems poised to appreciate further.

Trend Review:The Japanese Yen adds to Friday’s strong gains against the US Dollar and kicks off the new week on a positive note, dragging the USD/JPY pair to a near three-week low, around the 146.25-146.20 region during the Asian session.

Today Advise:Bearish

Key Levels:

PPResistance*147.93 *148.98 **149.62 ***
147.30Support*146.24 *145.61 **144.56 ***

Weekly forecast

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WTI

Trend Theme:WTI crude may face more downward pressure.

Trend Review:The process of the decline in oil prices has continued to leave the speculative net long, and the changes in the supply and demand level of the crude oil market in the past period of time have continuously strengthened investors’ pessimistic expectations for the future market of oil prices..

Today Advise:Bearish

Key Levels:

PPResistance*76.05 *77.79 **78.79 ***
75.05Support*73.30 *72.30 **70.56 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price pulls back sharply from record highs, back below $2,100.

Trend Review:Gold price is paring back gains below $2,100, reversing sharply from the all-time-high of $2,144 in Asian trading on Monday. Gold price rocketed amid increased bets of a March Fed rate cut and fresh geopolitical concerns between Yemeni Houthis and the US. 

Today Advise:Bearish

Key Levels:

PPResistance*2086.23 *2101.57 **2127.71 ***
2060.09Support*2044.75 *2018.61 **2003.27 ***

Weekly forecast

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