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Maxain Morning Analysis 09/08/2024

AUD/USD

Trend Theme:AUD/USD looks to regain 0.6600 after hot China’s inflation data.

Trend Review:AUD/USD is testing 0.6600, sitting at a fresh two-and-half-week high touched in Asian trading on Friday, as traders cheer the hotter-than-expected Chinese inflation data. The RBA’s hawkish tilt earlier and risk recovery underpin the Aussie amid a light US calendar ahead. 

Today Advise:Bullish

Key Levels:

PPResistance*0.65999 *0.66029 **0.66117 ***
0.65941Support*0.65911 *0.65853 **0.65765 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY reverses from weekly highs, closes in on 147.00.

Trend Review:USD/JPY is closing in on 147.00, reversing from the weekly high of 147.82 reached earlier in the Asian session on Friday. A US Dollar pullback amid a positive shift in risk sentiment and falling Treasury yields weigh on the pair while fading hopes of BoJ rate hikes fail to deter the Japanese Yen.

Today Advise:Bullish

Key Levels:

PPResistance*147.297 *147.383 **147.609 ***
147.157Support*147.071 *146.931 **146.705 ***

Weekly forecast

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WTI

Trend Theme:Two major positive factors provided support, and oil prices rose for two consecutive days. Has this bottomed out?

Trend Review:Oil prices extended their gains on Thursday, closing higher for a second straight session, after U.S. jobs data eased demand concerns and as war in the Middle East helped prices recover from an eight-month low hit on Monday.

Today Advise:Bullish

Key Levels:

PPResistance*75.553 *75.594 **75.702 ***
75.486Support*75.445 *75.378 **75.27 ***

Weekly forecast

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XAU/USD

Trend Theme:
Gold price consolidates in a range amid mixed cues, bias seems tilted in favor of bulls

Trend Review:Gold price rallied nearly 2% on Thursday and snapped a four-day losing streak in the wake of rising bets for bigger interest rate cuts by the Federal Reserve in September. Apart from this, fears of a wider Middle East conflict turned out to be another factor that drove flows towards the safe-haven precious metal.

Today Advise:Bullish

Key Levels:

PPResistance*2428.48 *2431 **2435.66 ***
2426.34Support*2423.82 *2421.68 **2417.02 ***

Weekly forecast

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