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Maxain Morning Analysis 27/02/2024

EUR/USD

Trend Theme:EUR/USD resumed the uptrend north of 1.0800.

Trend Review:EUR/USD managed to regain buying impetus and left behind Friday’s small decline on the back of further weakness hurting the US Dollar and rising prudence ahead of the release of US PCE and EMU CPI.

Today Advise:Bearish

Key Levels:

PPResistance*1.0869 *1.0888 **1.0917 ***
1.0841Support*1.0822 *1.0794 **1.0775 ***

Weekly forecast

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USD/CAD

Trend Theme:USD/CAD oscillates in a narrow band above 1.3500, eyes on US, Canadian GDP data.

Trend Review:The USD/CAD pair oscillates in a narrow trading band of 1.3495–1.3515 during the early Asian session on Tuesday. Investors await the fresh catalysts from the incoming economic data this week. The US and Canadian Gross Domestic Product (GDP) will be released on Wednesday and Thursday, respectively. The pair currently trades around 1.3507, adding 0.01% on the day. 

Today Advise:Bearish

Key Levels:

PPResistance*1.3526 *1.3546 **1.3564 ***
1.3509Support*1.3489 *1.3472 **1.3452 ***

Weekly forecast

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WTI

Trend Theme:A U.S. merchant ship was attacked, concerns about supply disruptions increased, and oil prices rebounded by more than 1%.

Trend Review:Oil prices rebounded more than 1% on February 26, analysts said, as European diesel demand constrained by sanctions on Russia and shipping disruptions pushed oil prices higher amid concerns that U.S. refinery refining capacity was limited due to planned maintenance .

Today Advise:Bullish

Key Levels:

PPResistance*78.28 *79.14 **80.41 ***
77.00Support*76.14 *74.87 **74.00 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price finds fresh demand near $2,030 as US Dollar eases with yields.

Trend Review:Gold price is making another attempt to the upside while trading above $2,030 early Tuesday. Gold price takes advantage of the latest leg down in the US Treasury bond yields and the US Dollar, awaiting the US Durable Goods and Consumer Confidence data. 

Today Advise:Neutral

Key Levels:

PPResistance*2037.96 *2043.51 **2049.92 ***
2031.55Support*2026.00 *2019.59 **2014.04 ***

Weekly forecast

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