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Maxain Morning Analysis 15/04/2024

EUR/USD

Trend Theme:EUR/USD rebounds amid escalated geopolitical turmoil, hovers around 1.0650.

Trend Review:EUR/USD edges up to near 1.0650 during the Asian session on Monday, recovering from a five-month low of 1.0622 reached last Friday. The US Dollar gained ground due to increased dollar-buying due to geopolitical turmoil, which contributed to downward pressure on the pair.

Today Advise:Bullish

Key Levels:

PPResistance*1.0709 *1.0773 **1.0816 ***
1.0666Support*1.0602 *1.0559 **1.0496 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen refreshes multi-decade low against USD, bears not ready to give up yet.

Trend Review:The Japanese Yen continues to be undermined by the BoJ’s uncertain outlook about future rate hikes. Intervention fears and persistent geopolitical tensions could help limit losses for the safe-haven JPY. 

Today Advise:Bullish

Key Levels:

PPResistance*153.56 *153.87 **154.36 ***
153.08Support*152.77 *152.28 **151.97 ***

Weekly forecast

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WTI

Trend Theme:WTI oscillates in range around $85.00 mark despite worsening Middle East crisis.

Trend Review:West Texas Intermediate US crude Oil prices fail to lure buyers despite Iran’s attack on Israel over the weekend and seesaws between tepid gains/minor losses during the Asian session on Monday. The commodity trades just below the $85.00/barrel mark, nearly unchanged for the day.

Today Advise:Sideways

Key Levels:

PPResistance*86.40 *87.83 **88.62 ***
85.60Support*84.17 *83.37 **81.94 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold regains poise above $2,350 amid Iran-Israel conflict.

Trend Review:Gold price resumes uptrend on Middle East escalation after Iran attacked Israel over the weekend. US Dollar stays uninspired by geopolitical tensions, as risk sentiment remains in a sweeter spot. Gold likely to stay supported ahead of top-tier US Retail Sales data.

Today Advise:Bearish

Key Levels:

PPResistance*2405.95 *2467.60 **2503.60 ***
2369.95Support*2308.30 *2272.30 **2210.65 ***

Weekly forecast

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