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Maxain Morning Analysis 21/03/2024

EUR/USD

Trend Theme:EUR/USD surpassed 1.0900 on dovish Powell.

Trend Review:EUR/USD rose past the key 1.0900 barrier fuelled by the strong downside pressure in the Greenback after the Fed left its rates unchanged and signalled three rate cuts this year.

Today Advise:Bearish

Key Levels:

PPResistance*1.0951 *1.0980 **1.1037 ***
1.0894Support*1.0865 *1.0807 **1.0778 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY trims losses to near 150.50 after BoJ Ueda’s comments.

Trend Review:USD/JPY is recovering to near 150.50, having coms under heavy selling pressure after a report that the BoJ is weighing the next rate hike in July and encouraging Japan’s trade deficit data. BoJ Ueda’s dovish remarks trigger a renewed Japanese Yen selling. 

Today Advise:Bearish

Key Levels:

PPResistance*151.81 *152.36 **152.91 ***
151.27Support*150.71 *150.17 **149.62 ***

Weekly forecast

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WTI

Trend Theme:After the Fed’s decision, the oil market looks for a way out – a challenge where demand concerns and supply pressures intersect.

Trend Review:Demand concerns continued to weigh on oil prices, and the impact of the Fed’s decision was limited. But a fall in the dollar provided some support. Supply issues and planned production cuts keep oil prices on an upward basis in the medium and long term, while technicals point to further pullback demand in the short term.

Today Advise:Bullish

Key Levels:

PPResistance*82.37 *83.36 **84.16 ***
81.57Support*80.57 *79.77 **78.78 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price defends $2,200 on a pullback from all-time highs.

Trend Review:Gold price is reversing early gains to trade just above $2,200 in Asian trading on Thursday. Gold price refreshed a record high above $2,220 in early trades before correcting amid a bout of profit-taking after the relentless rise.  The Fed kept rates unchanged but revised the rates projections for 2025.

Today Advise:Neutral

Key Levels:

PPResistance*2200.56 *2214.34 **2239.79 ***
2175.11Support*2161.33 *2135.88 **2122.10 ***

Weekly forecast

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