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Maxain Morning Analysis 06/12/2023

EUR/USD

Trend Theme:EUR/USD extends the decline below 1.0800, Eurozone Retail Sales eyed.

Trend Review:The EUR/USD pair remains under selling pressure below the 1.0800 psychological mark during the early Asian session on Wednesday. The upbeat Eurozone PMI data for November failed to inspire the Euro amid the persistently weak demand in the Eurozone.

Today Advise:Bearish

Key Levels:

PPResistance*1.0836 *1.0876 **1.0905 ***
1.0807Support*1.0766 *1.0738 **1.0697 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY trades better bid above 147.00 after dovish BoJ commentary.

Trend Review:USD/JPY is trading better bid above 147.00 in the Asian session on Wednesday, finding support from a modest uptick in the US Treasury bond yields and dovish comments from Bank of Japan (BoJ) Deputy Governor Ryozo Himino.

Today Advise:Bearish

Key Levels:

PPResistance*147.54 *147.88 **148.37 ***
147.05Support*146.71 *146.22 **145.88 ***

Weekly forecast

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WTI

Trend Theme:OPEC+ meeting was not effective, oversupply concerns, oil prices hit a five-month low for the fourth consecutive negative.

Trend Review:After the dust of the OPEC+ meeting settled, WTI oil prices rose and fell. As the dollar strengthens and the interest rate differential between the United States and other countries widens, oil may come under pressure to increase supply as the SPDR strategic reserve is replenished. Oil prices fell for a fourth straight day on doubts about OPEC+ production cuts and concerns about demand, refreshing a five-month low of 72.01 before settling at $72.05 a barrel, the lowest close for both crude benchmarks since July 6.

Today Advise:Bearish

Key Levels:

PPResistance*73.72 *74.94 **75.62 ***
73.03Support*71.81 *71.13 **69.91 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold drops to $2,020, eyes on US ADP data.

Trend Review:Gold loses momentum during the early Asian session on Wednesday. The renewed US Dollar demand drag the yellow metal lower. Meanwhile, the US Dollar Index rebounds to 104.00. The XAU/USD price trades near $2020, up 0.01% for the day.

Today Advise:Bearish

Key Levels:

PPResistance*2037.01 *2054.80 **2068.34 ***
2023.47Support*2005.68 *1992.14 **1974.35 ***

Weekly forecast

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