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Maxain Morning Analysis 06/11/2024

EUR/USD

Trend Theme:EUR/USD turns south as Georgia exit poll shows a slim Trump’s advantage

Trend Review: EUR/USD retreated sharply and trades below the 1.0900 mark as the focus stands on the US Presidential election. Georgia, one of the seven swing states, has closed polling, and exit polls show a slim Trump advantage. 

Today Advise:Bearish

Key Levels:

PPResistance*1.0950*1.0975 **1.1014***
1.0911Support*1.0886*1.0848**1.0823***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY resumes advance and reconquers 152.00

Trend Review:As initial results show former President Donald Trump may return to office, USD/JPY turned north and trades in the 152.00 region. The US Dollar recovers broadly, while stock markets are also on the run. More polls coming that may change the picture.

Today Advise:Bearish

Key Levels:

PPResistance*152.27 *153.01 **153.48 ***
151.80Support*151.06*150.60**149.86 ***

Weekly forecast

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WTI

Trend Theme : Crude Oil pops with US session pushing prices higher

Trend Review:Crude Oil tests $72.00 for a break to the upside, after increasing more than 3% on Monday. Tropical storm Rafael to hit a production-sensitive regionin in coming days, could reduce US output by around 1.7 million barrels per day. The US Dollar Index is steady to sideways while the US is heading into election day to choose its next president. 

Today Advise:Sideways

Key Levels:

PPResistance*72.45 *73.08 **73.78 ***
71.74Support*71.11 *70.40 **69.77 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold under mild pressure as exit polls boost the US Dollar

Trend Review:Gold prices ease early in the Asian session as uncertainty about who will become the 47th United States President is about to end. Georgia exit polls give Donald Trump a slight advantage over rival Kamala Harris.

Today Advise:Bearish

Key Levels:

PPResistance*2753.79 *2764.52 **2779.02 ***
2739.29Support*2728.56 *2714.06**2703.33 ***

Weekly forecast

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