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Maxain Morning Analysis 24/10/2024

EUR/USD

Trend Theme:EUR/USD sinks again, taps new 16-week bottom

Trend Review:EUR/USD shed another fifth of a percent on Wednesday as the Fiber crumples ahead of Thursday’s fresh round of Purchasing Managers Index figures. ECB officials talked down economic concerns, reiterating the need for caution when weighing future rate cuts.

Today Advise:Bearish

Key Levels:

PPResistance*1.0806 *1.0829 **1.0851 ***
1.0783Support*1.0760 *1.0738 **1.0714 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY holds steady below three-month top; bullish bias remains

Trend Review:USD/JPY consolidates the previous day’s strong move up to a nearly three-month high and oscillates in a range below the 153.00 mark on Thursday. The near-term bias seems tilted in favor of bulls amid expectations that political uncertainty in Japan may prompt BoJ to hold fire for now.

Today Advise:Bullish

Key Levels:

PPResistance*153.62 *154.49 **155.78 ***
152.33Support*151.46 *150.17 **149.30 ***

Weekly forecast

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WTI

Trend Theme:Crude Oil falls flat with weekly EIA numbers as gamechanger

Trend Review:Crude Oil faces selling pressure, pushing Crude Oil prices back to $70.00. Traders piled into safe havens such as the US Dollar, while bonds and equities are diving lower. The US Dollar Index looks set for more upside after breaking above 103.80 and tested 104.00.

Today Advise:Sideways

Key Levels:

PPResistance*71.71 *72.47 **73.29 ***
70.88Support*70.12 *69.30 **68.54 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price ticks higher amid a pause in USD rally; bulls seem reluctant

Trend Review:Gold price stalls the overnight pullback from a fresh all-time peak and oscillates in a range around the $2,720 area during the Asian session on Thursday amid mixed fundamental cues. The USD consolidates its surge to a nearly three-month top. Moreover, a softer risk tone, US political uncertainty and Middle East tensions lend support to the XAU/USD. 

Today Advise:Neutral

Key Levels:

PPResistance*2746.43 *2777.32 **2796.13 ***
2727.62Support*2696.73 *2677.92 **2647.03 ***

Weekly forecast

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