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Maxain Morning Analysis 10/05/2024

EUR/USD

Trend Theme:EUR/USD climbs over 1.0780 on broad-market risk appetite recovery.

Trend Review:EUR/USD gained ground on Thursday, finding upside on the week after the US Dollar broadly fell back after rising US Initial Jobless Claims sparked renewed hope of rate cuts from the Federal Reserve.

Today Advise:Bearish

Key Levels:

PPResistance*1.07822 *1.07833 **1.07864 ***
1.07802Support*1.07791 *1.07771 **1.0774 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY holds positive ground around 155.50 on Fed’s hawkish comment.

Trend Review:USD/JPY trades on a stronger note around 155.50 on Friday during the Asian trading hours. The renewed US Dollar demand lifts the pair. Nonetheless, the verbal intervention and the hawkish comment from the Bank of Japan’s Governor Kazuo Ueda might cap the downside of the Japanese Yen for the time being. 

Today Advise:Bullish

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:Oil gains ground above $79.20 amid rising demand optimism in China.

Trend Review:Western Texas Intermediate, the US crude oil benchmark, is trading around $79.30 on Friday. The black gold edges higher amid optimism about rising demand in China and the US, the world’s two biggest crude-consuming nations. 

Today Advise:Bullish

Key Levels:

PPResistance*79.492 *79.555 **79.698 ***
79.412Support*79.349 *79.269 **79.126 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold marches higher as weak jobless claims, increase Fed rate cut speculation.

Trend Review:Gold price resumed its uptrend on Thursday and climbed more than 1% as US Treasury yields dropped, undermining the Greenback’s appetite. Labor market data from the United States was softer, increasing the chances for a rate cut by the Federal Reserve despite dealing with inflationary pressure.

Today Advise:Bullish

Key Levels:

PPResistance*2357.93 *2361.06 **2369.49 ***
2352.63Support*2349.5 *2344.2 **2335.77 ***

Weekly forecast

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