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Maxain Morning Analysis 22/10/2024

EUR/USD

Trend Theme:EUR/USD grinds closer to 1.08 in Monday fallback

Trend Review:

EUR/USD shed nearly half of a percent to open another trading week.Markets pivoted back into the Greenback on renewed skepticism on the pace of rate cuts.Heavy appearances from central bank member due throughout the week.

Today Advise:Bearish

Key Levels:

PPResistance*1.0855*1.0893**1.0915***
1.0833Support*1.0794*1.0772**1.0733***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY Price Forecast: Hits12-week high at around 150.50

Trend Review:

USD/JPY climbs to 150.52, its highest level in 12 weeks, as rising US bond yields fuel demand for the Dollar.Technical outlook remains bullish, with potential for further gains if the pair breaks through 150.78 and heads toward the 200-DMA at 151.34.A close below 150.00 could trigger a pullback, with key support levels at 149.27 and the 50-DMA at 145.55.

Today Advise:Bullish

Key Levels:

PPResistance*151.45*152.07**153.25***
150.27Support*149.66*148.47**147.86***

Weekly forecast

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WTI

Trend Theme:Crude oil trading reminder: Supply concerns re-emerge, oil prices rebound from oversold levels

Trend Review:

During the Asian session on Tuesday (October 22), U.S. crude oil fell slightly and traded around $69.84. The fundamental reason was mainly due to the approaching U.S. election. Sentiment did not support the strengthening of oil prices. In addition, the decline was large last week and the price was in a correction phase. The increasing uncertainty in the geopolitical situation has revived concerns on the supply side. The resonance at the technical level supported the oversold rebound in oil prices.

Today Advise:Sideways

Key Levels:

PPResistance*70.57*71.41**72.48***
69.50Support*68.67*67.60**66.76***

Weekly forecast

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XAU/USD

Trend Theme:Gold trading reminder: U.S. Treasury yields rose to a 12-week high, Blinken went to the Middle East again to promote a ceasefire, and gold prices fell after hitting a record high

Trend Review:

In the early Asian session on Tuesday (October 22), spot gold fluctuated narrowly and is currently trading around $2,722.05 per ounce. Gold fell back after soaring to a record high of $2,740.44 on Monday, closing at $2,719.43 per ounce, down about 0.1%, as higher U.S. Treasury yields and the dollar offset the support brought by increased uncertainty in the U.S. election and the Middle East war.

Today Advise:Neutral

Key Levels:

PPResistance*2735.44*2751.21**2761.79***
2724.86Support*2709.09*2698.51**2682.74***

Weekly forecast

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