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Maxain Morning Analysis 27/08/2024

EUR/USD

Trend Theme:EUR/USD backslides in broad-market Greenback bounce

Trend Review:

EUR/USD failed to capture 1.1200 on Monday as markets pare back risk flows. Economic calendar remains tepid after blustery showing last week. EU inflation, US PCE inflation to dominate the late-week data docket.

Today Advise:Bearish

Key Levels:

PPResistance*1.11658*1.1167**1.11702***
1.11638Support*1.11626*1.11606**1.11574***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY Price Forecast: Edges up amid rising US yields, yet remains bearish

Trend Review:

USD/JPY stays under Ichimoku Cloud and 200-DMA at 151.22, maintaining downtrend with easing selling pressure. RSI trends upward, suggesting a potential short-term rally if USD/JPY surpasses 145.00. Resistance levels at 146.42 , 147.91, and 149.39 (August 15 high). Below 144.00, key support at 141.69; further drop could target psychological 140.00 level.

Today Advise:Bullish

Key Levels:

PPResistance*144.703*144.82**145.064***
144.576Support*144.459*144.332**144.088***

Weekly forecast

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WTI

Trend Theme:WTI extends recovery above $76.50 as Libya production halt raises supply concerns

Trend Review:

WTI trades in positive territory for the third consecutive day near $76.75 in Tuesday’s early Asian session. Libya’s shutdown of production and exports fuelled fresh supply concerns, boosting the WTI price. The sluggish Chinese economy and oil demand concerns might cap the black gold’s upside. 

Today Advise:Sideways

Key Levels:

PPResistance*76.921*76.954**77.033***
76.875Support*76.842*76.796**76.717***

Weekly forecast

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XAU/USD

Trend Theme:Gold price loses ground despite rising Fed rate cut bets, geopolitical risks

Trend Review:

Gold price attracts some sellers in Tuesday’s early Asian session. Rising bets of a US rate cut this year and escalating geopolitical conflicts might cap the Gold’s downside. Investors will watch the US CB’s Consumer Confidence and Housing Price Index data, which are due on Tuesday. 

Today Advise:Bearish

Key Levels:

PPResistance*2514.46*2516.48**2520.95***
2512.01Support*2509.99*2507.54**2503.07***

Weekly forecast

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