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Maxain Morning Analysis 09/05/2024

AUD/USD

Trend Theme:AUD/USD continues to lose ground amid firmer US Dollar.

Trend Review:The AUD/USD continues its losing streak, trading around 0.6580 on Thursday following the Reserve Bank of Australia’s less hawkish stance, especially after last week’s inflation data exceeded predictions. Nevertheless, the RBA acknowledged that recent progress in controlling inflation has stalled, maintaining its stance of keeping options open. 

Today Advise:Bearish

Key Levels:

PPResistance*0.65759 *0.65778 **0.65829 ***
0.65727Support*0.65708 *0.65676 **0.65625 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY holds positive ground above 155.50 following the BoJ Summary of Opinions.

Trend Review:The USD/JPY pair trades in positive territory for the fourth consecutive day around 155.60 during the early Asian trading hours on Thursday. However, the fear of further intervention from the Bank of Japan is likely to cap the downside of the Japanese Yen for the time being. 

Today Advise:Neutral

Key Levels:

PPResistance*155.596 *155.643 **155.72 ***
155.566Support*155.519 *155.489 **155.412 ***

Weekly forecast

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WTI

Trend Theme:Inventory decline + large-scale Russian air strikes, bulls “survive”.

Trend Review:Oil prices bottomed out and rebounded on Wednesday. Earlier, due to factors such as a stronger U.S. dollar and poor demand prospects, oil prices fell to nearly two-month lows, but then reversed their decline to rise. On the one hand, data showed that U.S. crude oil inventories fell last week; On the other hand, Russia launched the largest air strike in weeks, and market concerns about tight supply have increased. In addition, the United States bought at dips to replenish its strategic reserves, which also provided support for oil prices.

Today Advise:Bullish

Key Levels:

PPResistance*79.06 *79.093 **79.163 ***
79.023Support*78.99 *78.953 **78.883 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price drops amid higher US yields awaiting next week’s US inflation.

Trend Review:Gold remained at familiar levels on Wednesday, trading near $2,312 amid rising US Treasury yields and a strong US dollar. Traders await unemployment claims on Thursday, followed by Friday’s University of Michigan Consumer Sentiment survey.

Today Advise:Bearish

Key Levels:

PPResistance*2310.7 *2311.81 **2314.39 ***
2309.23Support*2308.12 *2306.65 **2304.07 ***

Weekly forecast

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