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Maxain Morning Analysis 06/02/2024

AUD/USD

Trend Theme:AUD/USD attempts to retrace its losses ahead of RBA interest rate decision.

Trend Review:The AUD/USD attempts to retrace its recent losses on Tuesday, trading around 0.6490. The pair weakens due to hawkish comments from Federal Reserve Chair Jerome Powell, coupled with anticipations of a dovish stance from the Reserve Bank of Australia on Tuesday. 

Today Advise:Bullish

Key Levels:

PPResistance*0.6513 *0.6542 **0.6564 ***
0.6491Support*0.6461 *0.6439 **0.6410 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen recovers a bit from YTD low against USD, upside potential seems limited.

Trend Review:The Japanese Yen recovers a bit from the YTD low amid the BoJ’s hawkish tilt and geopolitical risks. The USD stalls the post-NFP rally to a nearly two-month peak and exerts some pressure on USD/JPY. Rising US bond yields support prospects for additional USD gains and should lend support to the pair. 

Today Advise:Bearish

Key Levels:

PPResistance*148.94 *149.23 **149.57 ***
148.60Support*148.31 *147.98 **147.68 ***

Weekly forecast

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WTI

Trend Theme:Oil prices rose nearly 1 percent amid geopolitical tensions, with an eye on the EIA monthly report.

Trend Review:Oil prices rose about $1 on Monday on concerns that tensions in the Middle East and Russia’s ongoing war in Ukraine could curb global supplies. However, the K-chart shows further downside risks in the short term, with this session focusing on the EIA crude oil market monthly report and API crude oil inventory series data.

Today Advise:Bullish

Key Levels:

PPResistance*73.64 *74.38 **75.47 ***
72.55Support* 71.81 *70.72 **69.98 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold ticks higher amid a softer risk tone, lacks bullish conviction.

Trend Review:Gold price is seen oscillating in a narrow trading band during the Asian session on Tuesday and consolidating its losses registered over the past two days, to over a one-week low around the $2,015 area touched the previous day.

Today Advise:Bullish

Key Levels:

PPResistance*2039.95 *2054.84 **2067.35 ***
2027.44Support*2012.55 *2000.04 **1985.15 ***

Weekly forecast

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