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Maxain Morning Analysis 14/11/2024

EUR/USD

Trend Theme:EUR/USD continues to grind out further losses

Trend Review: EUR/USD continued to drift into the basement on Wednesday, clipping into a 54-week low and settling within touch range of 1.0550. Fiber continues to shed weight on the charts as broader FX markets pivot full-bore into holding the Greenback. 

Today Advise:Neutral

Key Levels:

PPResistance*1.0626*1.0689**1.0724***
1.0591Support*1.0527*1.0492**1.0428***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY stands firm near multi-month top, above mid-155.00s

Trend Review:USD/JPY holds steady near its highest level since July 24, above mid-155.00s during the Asian session on Thursday and seems poised to prolong its appreciating move. The continuation of the Trump trade lifts the USD to a fresh YTD high. 

Today Advise:Bearish

Key Levels:

PPResistance*155.03*156.47**157.32***
155.19Support*154.75*153.90**153.46***

Weekly forecast

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WTI

Trend Theme:WTI recovers to near $68.00, stronger US Dollar might cap its gains

Trend Review:West Texas Intermediate, the US crude oil benchmark, is trading to around $67.90 on Thursday. The WTI price recovers slightly amid the surprise on crude oil draw. However, the stronger US Dollar broadly might cap its gains. 

Today Advise:Sideways

Key Levels:

PPResistance*68.80*69.70**70.70***
67.81Support*66.90*65.91**65.01***

Weekly forecast

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XAU/USD

Trend Theme:Gold price remains vulnerable near its lowest level since September 19

Trend Review:Gold price enters a bearish consolidation following a four-day decline to a nearly two-month low amid oversold conditions on hourly charts. Any meaningful recovery, however, seems elusive amid the recent USD bullish run to a fresh YTD low, bolstered by expectations for US President-elect Donald Trump’s expansionary policies and elevated US bond yields. 

Today Advise:Sideways

Key Levels:

PPResistance*2604.24*2634.51**2650.08***
2588.67Support*2558.40*2542.83**2512.56***

Weekly forecast

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