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Maxain Morning Analysis 04/11/2024

EUR/USD

Trend Theme:EUR/USD rises toward 1.0900, upside seems limited ahead of US presidential election

Trend Review:EUR/USD retraces its recent losses from the previous session, trading around 1.0880 during Asian hours on Monday. The pair’s upside can be attributed to a softer US Dollar after the release of weaker-than-expected US October Nonfarm Payrolls data. 

Today Advise:Bearish

Key Levels:

PPResistance*1.0883 *1.0931 **1.0957***
1.0857Support*1.0809*1.0783**1.0735***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen loses ground despite less dovish BoJ, US Nonfarm Payrolls awaited

Trend Review:The Japanese Yen depreciated following the release of Manufacturing PMI on Friday. The headline Jibun Bank Japan Manufacturing PMI registered at 49.2 in October, reflecting a decrease from 49.7 in September. US Nonfarm Payrolls are expected to increase by 113,000 jobs in October, a decline from the previous count of 254,000.

Today Advise:Bearish

Key Levels:

PPResistance*153.46 *153.93 **154.77 ***
152.63Support*152.15*151.32**150.85 ***

Weekly forecast

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WTI

Trend Theme : WTI remains above $70.00, upside potential appears due to rising Middle-East tensions

Trend Review:West Texas Intermediate Oil price holds steady on Friday during Asian trading hours, around $70.20 per barrel, following gains in the previous session. Crude Oil prices were bolstered by rising geopolitical tensions amid reports that Iran may be planning a retaliatory strike on Israel from Iraqi territory in the near future.

Today Advise:Sideways

Key Levels:

PPResistance*70.50 *71.87 **72.56 ***
69.80Support*68.43 *67.73 **66.36 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold posts modest gains to near $2,750, eyes on US presidential election, Fed decision

Trend Review:Gold price trades with mild gains, snapping the two-day losing streak near $2,740 during the early Asian session on Monday. The uncertainty around the US presidential election and Middle East tensions might boost the safe-haven demand, supporting the yellow metal. 

Today Advise:Bearish

Key Levels:

PPResistance*2754.76 *2773.08 **2783.83 ***
2744.01Support*2725.69 *2714.94 **2696.62 ***

Weekly forecast

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