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Maxain Morning Analysis 11/03/2024

EUR/USD

Trend Theme:EUR/USD gathers strength around the mid-1.0900s, US, German CPI data eyed.

Trend Review:The EUR/USD pair holds positive ground around the mid-1.0900s during the early Asian trading hours on Monday. The overall view of the US February NFP data on Friday suggested labor market activity in the US remains strong. With the prospect that the Fed will begin the first cut in June, this drags the Greenback lower against the Euro.

Today Advise:Bullish

Key Levels:

PPResistance*1.0972 *1.1008 **1.1034 ***
1.0945Support*1.0910 *1.0883 **1.0847 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen stands tall near one-month top against USD on hawkish BoJ talks.

Trend Review:The Japanese Yen continues to draw support from expectations for a hawkish BoJ pivot. Bets for a June Fed rate cut undermine the USD and further exert pressure on USD/JPY. An upward revision of Japan’s Q4 GDP print contributes to the offered tone on Monday.

Today Advise:Neutral

Key Levels:

PPResistance*147.96 *148.86 **149.60 ***
147.22Support*146.32 *145.58 **144.68 ***

Weekly forecast

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WTI

Trend Theme:Oil price correction space is relatively limited bulls into the defensive phase.

Trend Review:Oil prices have risen and fallen several times, falling back to find support is the natural choice of the market, at present, US crude oil near $77 is a strong support area for oil prices, and it is expected that the oil price pullback space is relatively limited. At this stage, we must first pay attention to the process of the oil price correction, and the bulls have entered the defensive stage to find the rhythm and performance of support.

Today Advise:Bullish

Key Levels:

PPResistance*78.93 *80.34 **81.21 ***
78.06Support*76.65 *75.78 **74.37 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price remains below $2,200, bets for June Fed rate cut favour bulls.

Trend Review:Gold price shot to a fresh record high on Friday after the US jobs report showed a spike in the unemployment rate and bolstered expectations that the Fed will start cutting rates in June. The momentum, however, stalled ahead of the $2,200 round-figure mark amid a late US Dollar bounce.

Today Advise:Bullish

Key Levels:

PPResistance*2197.00 *2216.65 **2238.10 ***
2175.55Support*2155.90 *2134.45 **2114.80 ***

Weekly forecast

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