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Maxain Morning Analysis 26/09/2024

EUR/USD

Trend Theme:EUR/USD faces harsh rejection from 1.12 amid Greenback bounce

Trend Review:

EUR/USD fell four-tenths of a percent after flubbing the 1.12 handle on Wednesday.Markets pivoted into Greenback bids in the midweek market session.US economic data and Fedspeak to dominate market cycle for the rest of the week.

Today Advise:Bullish

Key Levels:

PPResistance*1.1191*1.1249**1.1283***
1.1156Support*1.1098*1.1064**1.1006***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY holds below 145.00 after BoJ Minutes

Trend Review:

USD/JPY loses traction around 144.60 in Thursday’s early Asian session, down 0.10% on the day. Dovish Fed and rising bets on jumbo rate reduction weigh on the USD. Board members call for a gradual and timely rate increase, noted BoJ Minutes. 

Today Advise:Bearish

Key Levels:

PPResistance*145.43*146.11**147.38***
144.17Support*143.49*142.22**141.54***

Weekly forecast

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WTI

Trend Theme:Oil prices plunged more than 2% as the US and France seek to finalize a temporary ceasefire agreement between Lebanon and Israel, Libya supply concerns eased

Trend Review:
International oil prices fluctuated in a narrow range, with U.S. crude oil currently trading around $69.73 per barrel, close to a one-week low. Oil prices plunged more than 2% on Wednesday as market concerns about supply disruptions in Libya eased, the United States and France sought to finalize a temporary ceasefire plan between Israel and Hezbollah, and market concerns about demand remained lingering.

Today Advise:Bullish

Key Levels:

PPResistance*71.11*73.53**73.53***
70.11Support*68.69*67.70**66.27***

Weekly forecast

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XAU/USD

Trend Theme:Gold price retains $2,650 amid climbing US yields, strong USD

Trend Review:

Gold price steadied at $2,660 after hitting a record high of $2,670.Traders assign a 60% chance for another 50 bps of Fed rate cuts in November.US Treasury yields and a stronger US Dollar limited Gold’s upside despite bullish momentum.

Today Advise:Sideways

Key Levels:

PPResistance*2668.66*2680.05**2689.50***
2659.21Support*2647.82*2638.37**2626.98***

Weekly forecast

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