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Maxain Morning Analysis 24/01/2024

EUR/USD

Trend Theme:EUR/USD hovers around 1.0850 ahead of Eurozone PMI, US Dollar remains stable.

Trend Review:EUR/USD strives to retrace its recent losses, trading slightly higher near 1.0850 during the Asian session on Wednesday. However, the Euro encountered downward pressure following the EU Consumer Confidence on Tuesday.

Today Advise:Bearish

Key Levels:

PPResistance*1.0903 *1.0957 **1.0998 ***
1.0863Support*1.0809 *1.0768 **1.0714 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY remains confined in a one-week-old trading range against USD.

Trend Review:The Japanese Yen benefits from the BoJ’s hawkish tilt on Tuesday, though lacks follow-through. Geopolitical tensions and the uncertain global economic outlook underpin the safe-haven JPY. Reduced bets for an early rate cut by the Fed lend support to the USD and the USD/JPY pair.

Today Advise:Bullish

Key Levels:

PPResistance*149.04 *149.73 **150.76 ***
148.01Support*147.33 *146.29 **145.61 ***

Weekly forecast

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WTI

Trend Theme:Oil loses ground below $74.50, investors focus on more supply.

Trend Review:Western Texas Intermediate, the US crude oil benchmark, is trading around $74.30 on Wednesday. WTI prices drift lower on the day as traders focus on increasing oil output in the US and rising supply in Libya and Norway.

Today Advise:Bullish

Key Levels:

PPResistance*75.34 *76.18 **77.16 ***
74.37Support*73.53 *72.56 **71.72 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold advances despite rising US yields as bears take a breather.

Trend Review:Gold price was spotted trading at $2,030 on Tuesday’s session, reflecting a 0.43% gain, as the bears are taking a breather after last week’s notable 2% loss. The daily chart presents a neutral-to-bearish sentiment while, the four-hour indicators are slightly tilted to the upside.

Today Advise:Bullish

Key Levels:

PPResistance*2037.89 *2047.05 **2056.16 ***
2028.78Support*2019.62 *2010.51 **2001.35 ***

Weekly forecast

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