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Maxain Morning Analysis 07/05/2024

GBP/USD

Trend Theme:GBP/USD extends the rally above 1.2550, eyes on BoE rate decision.

Trend Review:The GBP/USD pair trades in positive territory for the fifth consecutive day near 1.2560 during the Asian session on Tuesday. The weaker US Dollar provides some support to the major pair. The Bank of England interest rate decision on Thursday will be in the spotlight, with no change in rate expected. 

Today Advise:Neutral

Key Levels:

PPResistance*1.25671 * 1.25736 **1.25836 ***
1.25636Support*1.25571 *1.25536 **1.25436 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY extends recovery above 154.00, focus on Fedspeak.

Trend Review:The USD/JPY pair trades on a stronger note around 154.10 on Tuesday during the Asian trading hours. The recovery of the pair is supported by the modest rebound of US Dollar to 105.10 after bouncing off three-week lows. 

Today Advise:Bearish

Key Levels:

PPResistance*154.507 *154.562 **154.697 ***
154.427Support*154.372 *154.292 **154.157 ***

Weekly forecast

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WTI

Trend Theme:Israel rejects ceasefire proposal accepted by Hamas, is there an opportunity for bulls to counterattack?

Trend Review:Crude oil futures rebounded nearly 1% from around their 100-day moving average on Monday as concerns about supply cuts intensified as Hamas and Israel have yet to reach a ceasefire agreement.

Today Advise:Bullish

Key Levels:

PPResistance*78.551 *78.661 **78.871 ***
78.451Support*78.341 *78.241 **78.031 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price extends recovery as markets react to downbeat jobs data.

Trend Review:Gold price extends its recovery on Tuesday. The uptick of the yellow metal is bolstered by the weaker US dollar after recent US Nonfarm Payrolls (NFP) data boosted bets that the Federal Reserve would cut interest rates later this year.

Today Advise:Bullish

Key Levels:

PPResistance*2323.57 *2325.64 **2329.8 ***
2321.48Support*2319.41 *2317.32 **2313.16 ***

Weekly forecast

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