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Maxain Morning Analysis 08/12/2023

EUR/USD

Trend Theme:EUR/USD hovers around 1.0800 ahead of NFP.

Trend Review:EUR/USD recovered from three-week lows and peaked at 1.0817. It is hovering around the 1.800 area. The pair rose on Thursday supported by a weaker US Dollar amid risk appetite. The focus turns to Friday’s NFP report.

Today Advise:Bullish

Key Levels:

PPResistance*1.0824 *1.0852 **1.0886 ***
1.0790Support*1.0761 *1.0727 **1.0699 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY holds rebound below 144.00 after Japan’s GDP miss.

Trend Review:USD/JPY is sustaining the bounce from daily lows, trading below 144.00 in Friday’s Asian trading. The pair recovered ground after Japan’s Q3 GDP missed estimates. However, the Yen holds the upper hand against the US Dollar on hints of BoJ’s policy pivot. US NFP awaited. 

Today Advise:Bearish

Key Levels:

PPResistance*146.86 *149.99 **152.60 ***
144.25Support*141.11 *138.50 **135.37 ***

Weekly forecast

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WTI

Trend Theme:Crude oil market turmoil, the contradiction between supply and demand intensified, oil prices once again hit more than five months low.

Trend Review:Oil prices continued to fall on Thursday after falling to six-month lows the previous day, but investors remained concerned about sluggish demand in the United States and China. Traders see a possible oversupply in the market, and Brent crude prices this month began this week to fall below price levels for the first time in six months.

Today Advise:Bearish

Key Levels:

PPResistance*70.66 *71.46 **72.29 ***
69.83Support*69.03 *68.21 **67.41 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price treads water near $2,030, awaiting US NFP.

Trend Review:Gold set new all-time highs this week at $2,144.48 in a hard bid rally early Monday, and the XAU/USD has spent the rest of the week in thin trading above $2,000 after paring away Monday’s opening gains. US NFP data is in focus for a fresh directional impetus. 

Today Advise:Bearish

Key Levels:

PPResistance*2039.53 *2049.63 **2059.26 ***
2029.90Support*2019.80 *2010.17 **2000.07 ***

Weekly forecast

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