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Maxain Morning Analysis 04/07/2024

GBP/USD

Trend Theme:GBP/USD extends rally toward 1.2800 as USD selloff continues.

Trend Review:GBP/USD continues to push higher toward 1.2800 and trades at its highest level since mid-June on Wednesday. The disappointing ISM Services PMI data from the US weighs heavily on the US Dollar and allows the pair to target new multi-week tops.

Today Advise:Bullish

Key Levels:

PPResistance*1.27518 *1.27558 **1.27626 ***
1.2749Support*1.2745 *1.27422 **1.27354 ***

Weekly forecast

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AUD/USD

Trend Theme:AUD/USD stands tall above 0.6700 after Australian trade data.

Trend Review:AUD/USD holds higher ground above 0.6700 in the Asian session on Thursday. The  Aussie pair shrugs off mixed Australian trade data, as sustained US Dollar weakness continues to undermine amid light trading. The focus shifts to Friday’s US Nonfarm Payrolls data. 

Today Advise:Bearish

Key Levels:

PPResistance*0.67162 *0.67183 **0.67222 ***
0.67144Support*0.67123 *0.67105 **0.67066 ***

Weekly forecast

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WTI

Trend Theme:EIA crude oil inventory decline was much greater than expected, oil prices remained at a high of more than two months.

Trend Review:Oil prices rose about 1% on Wednesday after a report showed a bigger-than-expected drop in U.S. crude inventories, but concerns about rising global inventories limited gains in thin trading ahead of the U.S. Independence Day holiday.

Today Advise:Bullish

Key Levels:

PPResistance*83.093 *83.134 **83.207 ***
83.061Support*83.02 *82.988 **82.915 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price flirts with two-week top amid bearish USD, September Fed rate cut bets.

Trend Review:Gold price remains supported near a two-week high amid rising Fed rate cut bets. Geopolitics, along with political uncertainty, also lends support to the XAU/USD. A positive risk tone could cap further gains ahead of the US NFP report on Friday.

Today Advise:Bullish

Key Levels:

PPResistance*2361.55 *2363.24 **2366.11 ***
2360.37Support*2358.68 *2357.5 **2354.63 ***

Weekly forecast

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