Picture of Maxain Analyst
by
on

Maxain Morning Analysis 04/10/2024

EUR/USD

Trend Theme:EUR/USD remains on the defensive below 1.1050, all eyes on US NFP data

Trend Review:

EUR/USD struggles to gain ground around 1.1035 in Friday’s early Asian session. The US Services PMI came in better than expected in September. The cautious mood and rising bets of another ECB rate cut weigh on the Euro.

Today Advise:Sideways

Key Levels:

PPResistance*1.1052*1.1072**1.1094***
1.1030Support*1.1011*1.0989**1.0970***

Weekly forecast

————————————————————————————————-

USD/JPY

Trend Theme:USD/JPY consolidates below 147.00, awaits US NFP report before the next leg up

Trend Review:

USD/JPY enters a bullish consolidation phase near its highest level since August 19.Bulls seem reluctant to place fresh bets ahead of the release of the US NFP report. BoJ rate hike uncertainty and reduced bets for a 50 bps Fed rate cut lend support.

Today Advise:Bearish

Key Levels:

PPResistance*147.35*147.77**148.31***
146.82Support*146.40*145.86**145.44***

Weekly forecast

————————————————————————————————-

WTI

Trend Theme:Crude Oil breaks $71.50 on the upside after Kazakhstan announces output cut

Trend Review:

Crude Oil trade over 1% higher on Thursday as traders look at the escalating conflict between Israel and Iran.Traders sent Oil prices higher after Iran sent ballistic missiles into Israel as retaliation for the Lebanon ground incursion. The US Dollar Index is heading into its fourth day of consecutive gains.

Today Advise:Sideways

Key Levels:

PPResistance*74.67*75.95**78.14***
72.48Support*71.19*69.01**67.72***

Weekly forecast

—————————————————————————————————

XAU/USD

Trend Theme:Gold rises on geopolitical fears as traders eye Israel’s move

Trend Review:

Gold rises from $2,638 to $2,659, fueled by escalating tension between Israel and Iran and increasing US Treasury yields.US labor market data softens; however, ISM Services PMI reflects better business activity in September.US Dollar Index (DXY) up 0.35%, 10-year Treasury yields climb to 3.84%, tempering market expectations for big November rate cut.

Today Advise:Sideways

Key Levels:

PPResistance*2666.74*2677.29**2691.63***
2652.40Support*2641.85*2627.51**2616.96***

Weekly forecast

Ready to trade?

Unleash your trading skills with your Maxain account today!

Easy funding & withdrawals

No deposit fees