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Maxain Morning Analysis 08/10/2024

EUR/USD

Trend Theme:EUR/USD holds steady as bidders eye return 1.1000

Trend Review:

Fiber pumped the brakes on a Greenback bull run.Euro bidding snapped a six-day win streak despite broad-market retreat into USD.Rate cut expectations rule the roost as markets head into a new week.

Today Advise:Sideways

Key Levels:

PPResistance*1.0990*1.1005**1.1022***
1.0972Support*1.0957*1.0939**1.0924***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen strengthens against USD, recovers further from Friday’s two-month low

Trend Review:

The Japanese Yen attracts buyers for the second successive day amid renewed intervention fears. Geopolitical tensions further benefit the safe-haven JPY and exert pressure on the USD/JPY pair. The BoJ rate hike uncertainty might cap gains for the JPY ahead of Japan’s snap general election.

Today Advise:Bearish

Key Levels:

PPResistance*148.93*149.68**150.22***
148.39Support*147.64*147.10**146.36***

Weekly forecast

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WTI

Trend Theme:Crude oil trading reminder: Middle East war risks help oil prices rise by more than 3%, Brent crude oil recovers 80 mark

Trend Review:

Heightened tensions in the Middle East have raised the possibility that Israel could attack Iran’s oil infrastructure, and oil prices have risen more than 3%. Brent crude futures rose $2.88, or 3.7%, to settle at $80.93 a barrel on Monday. U.S. crude futures rose $2.76, or 3.7%, to $77.14 a barrel on Monday.

Today Advise:Sideways

Key Levels:

PPResistance*78.13*79.39**81.83***
75.68Support*74.42*71.98**70.72***

Weekly forecast

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XAU/USD

Trend Theme:Gold struggles as US yields rise, big rate cut hopes wane

Trend Review:

Gold trades at $2,645, down 0.30%, as US 10-year Treasury yields rise to 4.026%, capping further upside.Middle East conflict escalation involving Israel, Hamas, and other groups like Houthis supports Gold amid risk-off sentiment.Market expectations of a 25 bps Fed rate cut remain high at 83.5%, while a 50 bps cut is off the table for now.

Today Advise:Bearish

Key Levels:

PPResistance*2655.60*2668.57**2677.46***
2646.71Support*2633.74*2624.85**2611.88***

Weekly forecast

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