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Maxain Morning Analysis 09/02/2024

EUR/USD

Trend Theme:EUR/USD holds below the 1.0800 mark ahead of German CPI data.

Trend Review:EUR/USD trades on a weaker note, around 1.0775, during the early Asian session on Friday. The major pair remains capped within the weekly range in the 1.0770/80 band. The German inflation data will be the highlight on Friday. 

Today Advise:Bullish

Key Levels:

PPResistance*1.0797 *1.0817 **1.0844 ***
1.0769Support*1.0750 *1.0722 **1.0703 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen fresh highs above 149.00 on dovish BoJ.

Trend Review:The Japanese Yen loses traction after BoJ Deputy Governor Uchida’s remarks. A positive risk tone further undermines the JPY and lends support to USD/JPY. The uncertain Fed rate cut path weighs on the USD and should cap the upside. 

Today Advise:Bearish

Key Levels:

PPResistance*149.88 *150.45 **151.43 ***
148.91Support*148.33 *147.36 **146.79 ***

Weekly forecast

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WTI

Trend Theme:Gaza ceasefire proposal rejected, oil prices surged 3% to a one-week high.

Trend Review:Oil prices rose more than 3% on Thursday, with U.S. crude reaching a peak of $76.57 per barrel, a new one-week high, as the market worried that conflicts in the Middle East would expand after Israel rejected Hamas’s ceasefire proposal.

Today Advise:Bullish

Key Levels:

PPResistance*77.36 *78.34 **80.20 ***
75.50Support*74.53 *72.66 **71.69 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold remains confined around $2,030 amid firmer USD, geopolitical tensions.

Trend Review:Gold price consolidates in a narrow trading band around $2035 region per troy ounce during the early Asian trading hours on Friday. Meanwhile, the US Dollar Index recovers above the 104.00 mark.

Today Advise:Bullish

Key Levels:

PPResistance*2041.09 *2049.14 **2059.56 ***
2030.67Support*2022.62 *2012.20 **2004.15 ***

Weekly forecast

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