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Maxain Morning Analysis 20/02/2024

AUD/USD

Trend Theme:AUD/USD stays depressed below 0.6550 after PBOC LPR cut.

Trend Review:AUD/USD keeps its downbeat momentum intact below 0.6550 in Asian trading on Tuesday. The pair fails to find inspiration from the expected PBOC 5-year Loan Prime Rate cut amid dovish RBA Minutes.

Today Advise:Bearish

Key Levels:

PPResistance*0.6552 *0.6564 **0.6577 ***
0.6540Support*0.6528 *0.6515 **0.6503 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY pares gains toward 150.50 after Japan’s verbal intervention.

Trend Review:USD/JPY has stalled its upside, paring back gains toward 150.00 after the verbal intervention from Japan’s Finance Minister that lifted the Yen in the Asian session on Tuesday. The pair also eases amid a risk-off mood even as the US Dollar stays supported. 

Today Advise:Bullish

Key Levels:

PPResistance*150.32 *150.50 **150.72 ***
150.10Support*149.92 *149.70 **149.52 ***

Weekly forecast

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WTI

Trend Theme:Oil prices edged higher as signs of weakening demand and supply concerns from Middle East conflicts loomed over the market.

Trend Review:Oil prices edged higher in brief trading on Monday as lingering supply concerns from tensions in the Middle East were offset by signs of weakening demand.

Today Advise:Bearish

Key Levels:

PPResistance*78.57 *79.00 **79.49 ***
78.08Support*77.65 *77.16 **76.73 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold consolidates a three-day recovery rally below $2,020.

Trend Review:Gold price is consolidating the three-day advance below $2,020 in the Asian trades on Tuesday. PBOC LPR cut and a cautious mood fail to move the needle around Gold price. Gold traders await Wednesday’s Fed Minutes for fresh hints on the interest rate outlook. 

Key Levels:

PPResistance*2023.76 *2029.43 **2035.81 ***
2017.38Support*2011.71 *2005.33 **1999.66 ***

Weekly forecast

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