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Maxain Morning Analysis 05/01/2024

EUR/USD

Trend Theme:EUR/USD trades with modest gains above mid-1.0900s ahead of Eurozone CPI, US NFP.

Trend Review:The EUR/USD pair trades with a positive bias for the second successive day on Friday, albeit lacks follow-through and remains confined in the previous day’s broader trading range during the Asian session. Spot prices currently hover above mid-1.0900s as traders keenly await important macro data from the Eurozone and the United States (US) for some meaningful impetus.

Today Advise:Bearish

Key Levels:

PPResistance*1.0976 *1.1002 **1.1032 ***
1.0946Support*1.0919 *1.0889 **1.0863 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen hits two-week low against USD, bears take breather ahead of US NFP.

Trend Review:The Japanese Yen trades with a negative bias against its American counterpart for the fourth straight day on Friday, with the USD/JPY pair touching over a two-week high around the 144.85 region during the Asian session. 

Today Advise:Bullish

Key Levels:

PPResistance*145.34 *146.10 **147.34 ***
144.10Support*143.35 *142.10 **141.35 ***

Weekly forecast

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WTI

Trend Theme:Us fuel stocks increase sharply Red Sea crisis fears slow down bull offensive is “suppressed”.

Trend Review:Oil prices fell in volatile trading on Thursday as U.S. crude inventories exceeded expectations and fears of a crisis in the Red Sea eased.

Today Advise:Neutral

Key Levels:

PPResistance*73.94 *75.45 **76.82 ***
72.57Support*71.05 *69.68 **68.17 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold holds ground around $2,040.

Trend Review:After rising above $2,050 earlier in the day, Gold edged lower toward $2,040 and erased its daily gains. The benchmark 10-year US Treasury bond yield is up more than 1% after upbeat US employment data, not allowing XAU/USD to gather bullish momentum.

Today Advise:Bullish

Key Levels:

PPResistance*2050.66 *2058.21 **2065.39 ***
2043.48Support*2035.93 *2028.75 **2021.20 ***

Weekly forecast

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