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Maxain Morning Analysis 28/06/2024

EUR/USD

Trend Theme:EUR/USD thin gains mired in congestion ahead of key US inflation on Friday

Trend Review:EUR/USD found a thin bid on Thursday, but the pair continues to grind into the midrange near the 1.0700 handle as half-hearted bidders shuffle their feet ahead of Friday’s key US inflation print. 

Today Advise:Bearish

Key Levels:

PPResistance*1.06965 *1.07015 **1.07094 ***
1.06936Support*1.06886 *1.06857 **1.06778 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY hits 161.00 for first time in 38 years, Japan’s intervention risks loom.

Trend Review:USD/JPY resumes its uptrend and hits a fresh 38-year high above 161.00 in the Asian session on Friday. The pair regained upside traction after hotter-than-expected Japanese CPI data. Markets see limited reaction to the first US Presidential election debate, as US PCE is eyed. 

Today Advise:Bullish

Key Levels:

PPResistance*161.142 *161.214 **161.379 ***
161.049Support*160.977 *160.884 **160.719 ***

Weekly forecast

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WTI

Trend Theme:War risk premium outweighs the impact of increased US inventories, bulls may continue to “advance rapidly”.

Trend Review:Oil futures settled about $1 higher on Thursday as geopolitical pressures in the Middle East and Europe grew and markets worried about disruptions to global crude supplies, although an unexpected build in U.S. crude and gasoline inventories capped gains.

Today Advise:Bullish

Key Levels:

PPResistance*81.816 *81.861 **81.983 ***
81.739Support*81.694 *81.617 **81.495 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price shines as US Dollar dwindles pre-release of US PCE.

Trend Review:Gold rallied more than 1% on Thursday after economic data. The softer Greenback, which is retreating after posting solid gains, undermined lower US Treasury bond yields. US economic data was slightly better than expected, though ebbs and flows toward the golden metal kept XAU/USD trading around $2,326.

Today Advise:Sideway

Key Levels:

PPResistance*2323.95 *2326.62 **2331.51 ***
2321.73Support*2319.06 *2316.84 **2311.95 ***

Weekly forecast

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