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Maxain Morning Analysis 06/09/2024

EUR/USD

Trend Theme:EUR/USD extends bounce against wavering Greenback

Trend Review:

EUR/USD rose on Thursday, climbing back over 1.1100.Gains remain limited after miss in EU Retail Sales.US NFP print due on Friday takes the center stage for the week.

Today Advise:Bearish

Key Levels:

PPResistance*1.1129*1.1147**1.1174***
1.1102Support*1.1084*1.1057**1.1038***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY Price Forecast: Downtrend resumes, yet buyers recover 143.00

Trend Review:

USD/JPY remains pressured near 143.39, with momentum indicators favoring a bearish continuation toward 143.00 and 142.50 support levels.Failure to decisively clear 143.44 may offer a recovery opportunity for USD bulls if US Nonfarm Payrolls data impresses.Key resistance sits at 145.03 (Tenkan-Sen), with further hurdles at 145.73 (Kijun-Sen) and the 150.00 figure.

Today Advise:Bullish

Key Levels:

PPResistance*144.17*144.89**145.55***
143.51Support*142.79*142.13**141.41***

Weekly forecast

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WTI

Trend Theme:WTI holds below $70.00 amid demand concerns

Trend Review:

  • WTI price holds steady near $69.75 in Friday’s early Asian session. Continued soft demand in China drags the WTI price lower.A delay in OPEC+ supply increase and encouraging reports from weekly US crude oil inventories might cap WTI’s downside. 

Today Advise:Bullish

Key Levels:

PPResistance*70.00*71.10**71.92***
69.19Support*68.09*67.28**66.18***

Weekly forecast

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XAU/USD

Trend Theme:Gold climbs on Fed rate cut hopes ahead of NFP data

Trend Review:

Gold rises above $2,500, peaking at $2,523 before profit-taking ahead of key US economic data.Traders price in over 104 bps of Fed easing, expecting rate cuts to maintain labor market stability.Falling US Treasury yields and a weaker US Dollar support further upside in Gold prices.

Today Advise:Bullish

Key Levels:

PPResistance*2529.03*2541.07**2558.62***
2511.48Support*2499.44*2481.89**2469.85***

Weekly forecast

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