Picture of Maxain Analyst
by
on

Maxain Morning Analysis 02/05/2024

EUR/USD

Trend Theme:EUR/USD jitters post-Fed with NFP Friday over the horizon.

Trend Review:EUR/USD cycled familiar territory on Wednesday after the US Federal Reserve held rates as many investors had expected. However, market participants were hoping for further signs of impending rate cuts from the US central bank.

Today Advise:Bullish

Key Levels:

PPResistance*1.07156 *1.07194 **1.07259 ***
1.07129Support*1.07091 *1.07064 **1.06999 ***

Weekly forecast

————————————————————————————————-

AUD/USD

Trend Theme:AUD/USD holds positive ground above 0.6500 on weaker US Dollar.

Trend Review:The AUD/USD pair extends recovery around 0.6525 during the early Asian session on Thursday. The Federal Reserve held its interest rates steady at 5.25–5.50% at its meeting on Wednesday, citing a “lack of further progress” in getting inflation back down to its 2% target. 

Today Advise:Bullish

Key Levels:

PPResistance*0.65317 *0.65354 **0.65429 ***
0.65279Support*0.65242 *0.65204 **0.65129 ***

Weekly forecast

—————————————————————————————————

WTI

Trend Theme:U.S. inventories surge unexpectedly + hopes for a ceasefire agreement in the Middle East increase, U.S. crude oil falls below 80 mark.

Trend Review:Oil prices fell about 3% on Wednesday to their lowest since March 12, as U.S. crude inventories unexpectedly increased, hopes for a ceasefire in the Middle East faded and hopes that a recent U.S. interest rate cut could boost oil demand faded.

Today Advise:Bearish

Key Levels:

PPResistance*79.164 *79.278 **79.524 ***
79.032Support*78.918 *78.786 **78.54 ***

Weekly forecast

—————————————————————————————————

XAU/USD

Trend Theme:Gold prices skyrocketed as Powell’s words boosted the yellow metal.

Trend Review:Gold prices rallied sharply above the $2,300 milestone on Wednesday after the Federal Reserve kept rates unchanged while announcing that it would diminish the pace of the balance sheet reduction. 

Today Advise:Bullish

Key Levels:

PPResistance*2328.6 *2326.59 **2325.72 ***
2324.58Support*2323.71 *2322.57 **2320.56 ***

Weekly forecast

Ready to trade?

Unleash your trading skills with your Maxain account today!

Easy funding & withdrawals

No deposit fees