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Maxain Morning Analysis 08/04/2024

EUR/USD

Trend Theme:EUR/USD trades with modest losses amid stronger USD, holds above 1.0800 mark.

Trend Review:EUR/USD edges lower on Monday as the upbeat US NFP continues to underpin the USD. A positive risk tone might cap the safe-haven buck and lend some support to the major. Traders now look to the US CPI, FOMC minutes and the ECB meeting for a fresh impetus.

Today Advise:Bearish

Key Levels:

PPResistance*1.0860 *1.0882 **1.0917 ***
1.0826Support*1.0803 *1.0769 **1.0747 ***

Weekly forecast

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GBP/USD

Trend Theme:GBP/USD recovers above 1.2600 following NFP-inspired drop.

Trend Review:GBP/USD benefits from the improving risk mood and trades above 1.2600 in the American session. Earlier in the day, stronger-than-forecast NFP growth data from the US provided a boost to the USD and weighed heavily on the pair.

Today Advise:Bullish

Key Levels:

PPResistance*1.2666 *1.2695 **1.2740 ***
1.2621Support*1.2592 *1.2547 **1.2518 ***

Weekly forecast

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WTI

Trend Theme:srael withdraws its troops, Egypt holds ceasefire negotiations again, oil prices jump and fall by more than 2%, and Brent oil falls below the 90 mark.

Trend Review:Oil prices fell more than 2% in early Asian trade on Monday as tensions in the Middle East eased after Israel withdrew more troops from southern Gaza and pledged new talks on a possible ceasefire.

Today Advise:Bullish

Key Levels:

PPResistance*86.91 *87.64 **88.16 ***
86.39Support*85.66 *85.15 **84.42 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold pulls back to near $2,310 from the fresh highs.

Trend Review:Gold price drops to near $2,310 per troy ounce during the Asian session on Monday after touching a new record high on Friday. The price of precious metal faces challenges primarily due to higher US Treasury yields, which weakens the non-yielding assets. 

Today Advise:Sideways

Key Levels:

PPResistance*2350.88 *2372.06 **2413.57 ***
2309.37Support*2288.19 *2246.68 **2225.50 ***

Weekly forecast

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