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Maxain Morning Analysis 28/03/2024

EUR/USD

Trend Theme:EUR/USD maintained the bearish tone near 1.0800.

Trend Review:A rebound in EUR/USD remained elusive for the second session in a row on the back of the continued bid bias in the Greenback and thin trade conditions prior to US PCE and the Easter holidays.

Today Advise:Bearish

Key Levels:

PPResistance*1.0841 *1.0854 **1.0869 ***
1.0826Support*1.0813 *1.0798 **1.0785 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY trades with positive bias and remains close to 34-year peak set on Wednesday.

Trend Review:USD/JPY attracts some dip-buying during the Asian session on Thursday and reverses a part of the previous day’s modest pullback from its highest level since 1990. The Bank of Japan’s cautious approach and uncertain outlook for future rate hikes continue to undermine the Japanese Yen. 

Today Advise:Bullish

Key Levels:

PPResistance*151.86 *152.39 **152.80 ***
151.44Support*150.91 *150.49 **149.96 ***

Weekly forecast

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WTI

Trend Theme:WTI turns red near $81.50 on Fed’s hawkish comments, a surprise jump in US crude stockpiles.

Trend Review:Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $81.50 on Wednesday. WTI prices edge lower amid the recovery of the US Dollar (USD) and a surprise jump in U.S. crude and gasoline stocks.

Today Advise:Bullish

Key Levels:

PPResistance*81.89 *82.28 **83.05 ***
81.12Support*80.72 *79.96 **79.56 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price loses ground amid rebounding US Yields, firm US Dollar.

Trend Review:Gold price is back in the red below $2,200 in Asian trading on Thursday, snapping a two-day rebound. A scarce economic calendar in the US prompted investors to buy the Gold price on Wednesday, in the wake of rising speculation of a June Fed rate cut. All eyes on mid-tier US data. 

Today Advise:Bearish

Key Levels:

PPResistance*2203.86 *2212.91 **2228.16 ***
2188.61Support*2179.56 *2164.31 **2155.26 ***

Weekly forecast

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