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Maxain Morning Analysis 27/11/2024

EUR/USD

Trend Theme:EUR/USD flattens near 1.05 in the run-up to EU inflation figures

Trend Review: EUR/USD cycled the 1.0500 handle on Tuesday, with Fiber price action drifting into the near-term middle ground as directional momentum drains out of the pair. The economic calendar is an overall thin affair this week, with the US Thanksgiving holiday on Thursday trimming late-week market momentum.

Today Advise:Bearish

Key Levels:

PPResistance*1.0542 *1.0603 **1.0662 ***
1.0484Support*1.0422 *1.0364 **1.0303 ***

Weekly forecast

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USD/CAD

Trend Theme:USD/CAD drifts lower to near 1.4050, potential downside seems limited amid Trump tariff threat

Trend Review:The USD/CAD pair trades with mild losses around 1.4055 during the early Asian session on Wednesday. The Canadian Dollar (CAD) recovers some lost ground after reaching a 55-month low due to US President-elect Donald Trump vowing tariffs on Mexico and Canada and extra tariffs on China. 

Today Advise:Sideways

Key Levels:

PPResistance*1.4171 *1.4274 **1.4370 ***
1.4075Support*1.3971 *1.3875 **1.3771 ***

Weekly forecast

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WTI

Trend Theme:WTI recovers above $68.50 on a large surprise crude draw

Trend Review:West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $68.75 on Wednesday. The WTI price edges higher amid the uncertainty for the US oil industry and the large surprise crude draw. 

Today Advise:Bearish

Key Levels:

PPResistance*69.82 *71.10 **72.04 ***
68.88Support*67.60 *66.66 **65.38 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price consolidates amid mixed cues; holds comfortably above $2,600

Trend Review:Gold price struggles to capitalize on the overnight bounce from the $2,600 neighborhood or over a one-week low and trades with a mild negative bias on Wednesday. The prevalent risk-on environment, expectations for a less dovish Fed, elevated US bond yields and the underlying bullish sentiment surrounding the USD act as a headwind for the commodity.

Today Advise:Neutral

Key Levels:

PPResistance*2647.51 *2663.27 **2684.42 ***
2626.36Support*2610.60 *2589.45 **2573.69 ***

Weekly forecast

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