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Maxain Morning Analysis 21/06/2024

EUR/USD

Trend Theme:EUR/USD slumps to 1.07 as markets round the corner into Friday.

Trend Review:EUR/USD fell back to familiar technical levels on Thursday, clunking down to the 1.0700 handle after a miss in US economic figures bolstered the Greenback. Friday markets loom ahead with a packed data docket, with Purchasing Managers Index figures for both the EU and the US on the cards. 

Today Advise:Bearish

Key Levels:

PPResistance*1.07134 *1.07147 **1.07178 ***
1.07116Support*1.07103 *1.07085 **1.07054 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY bulls turn cautious near 159.00, highest since April amid intervention fears.

Trend Review:USD/JPY remains supported near its highest level since April touched earlier this Friday. The BoJ rate-hike uncertainty and mixed National CPI from Japan undermine the JPY. September Fed rate cut bets cap gains for the USD and the pair amid intervention fears.

Today Advise:Bullish

Key Levels:

PPResistance*158.98 *159.028 **159.123 ***
158.933Support*158.885 *158.838 **158.743 ***

Weekly forecast

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WTI

Trend Theme:Oil prices rise to highest level since May as inventory decline and U.S. employment data boost hopes for rate cuts.

Trend Review:Oil futures climbed to their highest since May on Thursday after the U.S. Energy Information Administration reported a drop in crude inventories and data showed a cooling labor market, boosting hopes that the Federal Reserve will cut interest rates sooner than expected.

Today Advise:Bullish

Key Levels:

PPResistance*81.201 *81.251 **81.331 ***
81.171Support*81.121 *81.091 **81.011 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price climbs amid traders’ optimism of Fed rate cuts.

Trend Review:Gold’s price barely moved Wednesday during the North American session as traders remained absent in observance of the Juneteenth holiday. Data from the United States continued to weaken, a sign of relief for traders who remain confident the Federal Reserve will ease policy twice this year.

Today Advise:Sideway

Key Levels:

PPResistance*2361.85 *2362.92 **2365.4 ***
2360.44Support*2359.37 *2357.96 **2355.48 ***

Weekly forecast

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