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Maxain Morning Analysis 25/09/2024

EUR/USD

Trend Theme:EUR/USD recovers ground on Greenback weakness

Trend Review:
EUR/USD found its footing on Tuesday, recovering the early week’s lost ground.Markets have tilted into a short-USD stance on rising hopes for more rate cuts.Wednesday sees a notable lull in economic data for both sides of the Fiber.

Today Advise:Bullish

Key Levels:

PPResistance*1.1206*1.1232**1.1284***
1.1155Support*1.1128*1.1077**1.1051***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY holds steady above 143.00 despite softer US Dollar

Trend Review:
USD/JPY flatlines around 143.20 in Wednesday’s early Asian session. Investors raise their bets on a jumbo rate cut from the US Fed in November.The BoJ Governor signals no rush to raise rates further. 

Today Advise:Bearish

Key Levels:

PPResistance*144.23*145.24**145.80***
143.67Support*142.66*142.10**141.09***

Weekly forecast

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WTI

Trend Theme:WTI edges higher above $71.00 on China stimulus, geopolitical risks

Trend Review:
WTI gains ground near $71.30 in Wednesday’s early Asian session, the highest since September 2. Chinese stimulus plan and continued fear over Middle Eastern tensions underpin the WTI price. US Crude oil inventories fell by 4.339 million barrels for the week ending September 20, according to the API. 

Today Advise:Bullish

Key Levels:

PPResistance*72.32*73.23**74.26***
71.30Support*70.38*69.36**68.44***

Weekly forecast

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XAU/USD

Trend Theme:Gold rises on soft US data, Middle East woes and Fed rate cut bets

Trend Review:
Gold hits a new ATH of $2,664 amid declining US Consumer Confidence and weakening US Dollar, XAU/USD trades at $2,651.Fed Governor Michelle Bowman signals a cautious approach to rate cuts.Geopolitical tensions in the Middle East also fuel safe-haven demand for Gold, driving the precious metal to new heights.

Today Advise:Sideways

Key Levels:

PPResistance*2673.58*2689.85**2715.28***
2648.15Support*2631.88*2606.45**2590.18***

Weekly forecast

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