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Maxain Morning Analysis 02/04/2024

USD/JPY

Trend Theme:Japanese Yen remains vulnerable near multi-decade low against USD.

Trend Review:The Japanese Yen fails to lure buyers despite intervention fears and the risk-off impulse. The BoJ’s cautious outlook continues to undermine the JPY and lend support to USD/JPY. Reduced bets for a June Fed rate cut lift the USD to a multi-week top and act as a tailwind.

Today Advise:Bullish

Key Levels:

PPResistance*151.87 *152.09 **152.42 ***
151.55Support*151.33 *151.01 **150.78 ***

Weekly forecast

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AUD/USD

Trend Theme:AUD/USD recovers to 0.6500 despite cooling inflation, less hawkish RBA Minutes.

Trend Review:AUD/USD is recovering ground to near 0.6500 in the Asian session on Tuesday. The pair bounces despite Australia’s cooling inflation and not-so-hawkish RBA Minutes. The US Dollar paused the strong US ISM PMI-led rally, allowing the Aussie to find its feet. 

Today Advise:Sideways

Key Levels:

PPResistance*0.6525 *0.6561 **0.6583 ***
0.6503Support*0.6467 *0.6445 **0.6409 ***

Weekly forecast

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WTI

Trend Theme:Oil prices surged to a five-month high, with multiple positive factors hidden behind them.

Trend Review:Crude oil prices rose to a five-month high on Monday on expectations that economic growth in the United States and China will boost demand, a survey showed a slight decline in OPEC oil production in March, and attacks on Russian refineries also increased supply pressure.

Today Advise:Bullish

Key Levels:

PPResistance*84.32 *85.07 **86.10 ***
83.29Support*82.54 *81.51 **80.76 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold holds pullback near $2,050, focus shifts to US employment data.

Trend Review:Gold price is consolidating the previous rally to all-time highs of $2,266 in Asian hours on Tuesday. Gold price looks to the US jobs data for fresh hints on a potential Fed rate outlook, especially after strong US PMI data dialed down expectations of a June Fed rate cut. 

Today Advise:Bearish

Key Levels:

PPResistance*2268.83 *2285.85 **2305.98 ***
2248.70Support*2231.68 *2211.55 **2194.53 ***

Weekly forecast

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