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Maxain Morning Analysis 02/10/2024

EUR/USD

Trend Theme:EUR/USD bounces off 1.1050 on Tuesday decline

Trend Review:

EUR/USD tumbled 0.6% on Tuesday as risk-off flows drag Fiber down.Middle East escalations crimped already-hobbled investor sentiment.EU HICP inflation and US ISM PMIs broadly miss the mark.

Today Advise:Sideways

Key Levels:

PPResistance*1.1126*1.1184**1.1224***
1.1086Support*1.1028*1.0988**1.0929***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY Price Forecast: Forms doji consolidates at around 143.50

Trend Review:

USD/JPY closes unchanged at 143.58, forming a ‘doji’ candlestick, signaling indecision amid geopolitical risks.RSI suggests potential consolidation, with the pair expected to trade between 142.98 and 144.53 in the short term.A break above 144.53 could target 145.00 and the 50-DMA at 145.47, while a drop below 142.98 exposes the 141.65 support level.

Today Advise:Bearish

Key Levels:

PPResistance*144.41*145.25**145.97***
143.69Support*142.85*142.13**141.29***

Weekly forecast

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WTI

Trend Theme:Crude oil trading reminder: Demand slowdown outweighs the impact of Middle East conflict, causing oil prices to fall 17% in the third quarter, and downside risks remain

Trend Review:

International oil prices fluctuated in a narrow range, with U.S. crude oil currently trading around $68.26 per barrel. Oil prices fluctuated widely on Monday, but fell 17% in the third quarter as concerns that the expansion of the Middle East conflict could curb crude oil supply were overshadowed by concerns about weakening global demand.

Today Advise:Sideways

Key Levels:

PPResistance*72.71*74.93**78.19***
69.45Support*67.23*63.97**61.75***

Weekly forecast

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XAU/USD

Trend Theme:Gold prices soar on safe-haven demand amid Middle East conflict

Trend Review:

Gold rises over 1% after Iran launched missiles at Israel, intensifying Middle East conflict.Market focus shifts from strong US jobs data to geopolitical uncertainty, driving risk aversion and boosting safe-haven demand for Gold.A daily close below $2,665 could trigger a pullback, but ongoing tensions keep bullish momentum alive for new record highs.

Today Advise:Sideways

Key Levels:

PPResistance*2680.34*2697.24**2721.25***
2656.33Support*2639.43*2615.42**2598.52***

Weekly forecast

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