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Maxain Morning Analysis 08/03/2024

EUR/USD

Trend Theme:EUR/USD flirts with two-month highs near 1.0950, US NFP awaited.

Trend Review:EUR/USD is testing two-month highs near 1.0950 in the Asian session on Friday. The pair rallied on Thursday, bolstered by prospects of movement from the ECB and an easing US Dollar on the back of a dovish tone from Fed Chair Jerome Powell. US NFP coming up next. 

Today Advise:Bullish

Key Levels:

PPResistance*1.0975 *1.1003 **1.1056 ***
1.0921Support*1.0894 *1.0840 **1.0812 ***

Weekly forecast

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AUD/USD

Trend Theme:AUD/USD consolidates gains above 0.6600 ahead of US NFP data.

Trend Review:AUD/USD is consolidating weekly gains above 0.6600 in Friday’s Asian trading. The US Dollar licks its wounds, allowing the Aussie to hold firm heading into the key US NFP data. Fed Chair Jerome Powell’s dovish comments smashed the US Dollar across the board.

Today Advise:Bullish

Key Levels:

PPResistance*0.6642 *0.6665 **0.6705 ***
0.6602Support*0.6578 *0.6538 **0.6515 ***

Weekly forecast

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WTI

Trend Theme:The dollar fell sharply and demand expectations improved, and oil prices stuck to the 200-day moving average.

Trend Review:Oil prices bottomed out on Thursday, although the increase in supply to North America, oil prices fell nearly 1% at one point, but due to the Fed’s interest rate cut expectations, the US dollar index weakened sharply, coupled with the increase in crude oil imports from major Asian countries, improving the demand outlook, the US and the US both held the key position of the 200-day moving average on Thursday.

Today Advise:Bullish

Key Levels:

PPResistance*79.14 *79.83 **80.58 ***
78.39Support*77.70 *76.95 **76.27 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold pulls back from all-time highs, trades near $2,160.

Trend Review:Gold price snaps its winning streak that began on February 28, correcting lower to near $2,160 per troy ounce during the Asian session on Friday. The prices of yellow metal have been buoyed by market expectations of the Fed potentially initiating an interest rate cut cycle starting in June.

Today Advise:Bullish

Key Levels:

PPResistance*2167.61 *2176.53 **2188.24 ***
2155.90Support*2146.98 *2135.27 **2126.35 ***

Weekly forecast

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