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Maxain Morning Analysis 22/04/2024

EUR/USD

Trend Theme:EUR/USD rebounds toward 1.0700 as US Dollar softens.

Trend Review:EUR/USD is recovering ground toward 1.0700 in the Asian session on Monday. The pair regains lost footing, as markets remain upbeat and weigh negatively on the safe-haven US Dollar. Markets reposition ahead of key Eurozone and US data due later this week. 

Today Advise:Bullish

Key Levels:

PPResistance*1.0686 *1.0715 **1.0753 ***
1.0648Support*1.0618 *1.0581 **1.0551 ***

Weekly forecast

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GBP/USD

Trend Theme:GBP/USD rebounds from YTD trough, steadily climbs back closer to 1.2400 mark.

Trend Review:GBP/USD attracts some dip-buyers on Monday amid a softer USD, though lacks follow-through. Easing geopolitical tensions boosts investors’ confidence and undermines the safe-haven buck. Reduced Fed rate cut bets should help limit the USD losses and cap any further gains for the pair.

Today Advise:Bullish

Key Levels:

PPResistance*1.2438 *1.2504 **1.2540 ***
1.2403Support*1.2337 *1.2302 **1.2236 ***

Weekly forecast

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WTI

Trend Theme:Oil prices have given up geopolitical premiums, and the center of gravity of international oil prices has also moved upward.

Trend Review:The oil market has given up the geopolitical premium. Next, investors will invest more energy in paying attention to the changes in the crude oil market at the supply and demand level. It is expected that geopolitical factors will still interfere with the market. There is a high probability that oil prices will usher in a period of shock. Pay attention to the rhythm. Grasp and control risks.

Today Advise:Bearish

Key Levels:

PPResistance*84.69 *87.32 **89.11 ***
82.90Support*80.27 *78.48 **75.84 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold extends retreat below $2,400 as cautious optimism sets in.

Trend Review:Gold price is extending losses below $2,400 in the Asian trading hours on Monday. Gold price moves away from record highs even as the US Dollar weakens amid calm markets. Firmer US Treasury bond yields collaborate to the downside in the bright metal.  

Today Advise:Baerish

Key Levels:

PPResistance*2415.88 *2439.29 **2460.80 ***
2394.37Support*2370.96 *2349.45 **2326.04 ***

Weekly forecast

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