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Maxain Morning Analysis 09/10/2024

EUR/USD

Trend Theme:EUR/USD churns on indecisive Tuesday

Trend Review:

EUR/USD held off further losses, but gains remain absent.Fed Meeting Minutes due on Wednesday to draw investor attention.Traders will be looking for good news on Thursday’s US CPI inflation update.

Today Advise:Sideways

Key Levels:

PPResistance*1.0998*1.1015**1.1034***
1.0979Support*1.0962*1.0943**1.0925***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen consolidates against USD, looks to FOMC minutes for fresh impetus

Trend Review:

The Japanese Yen struggles to lure buyers amid uncertainty over future BoJ rate hikes.Hopes for a possible Hezbollah-Israel ceasefire further undermine the safe-haven JPY.Intervention fears cap USD/JPY amid subdued USD demand, ahead of FOMC minutes.

Today Advise:Bearish

Key Levels:

PPResistance*148.60*149.01**149.64***
147.97Support*147.57*146.94**146.53***

Weekly forecast

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WTI

Trend Theme:Crude oil trading reminder: Is a ceasefire coming? Israel claims to have killed Hezbollah leader, oil prices recorded their worst performance in nearly a month

Trend Review:

International oil prices fluctuated in a narrow range, with U.S. crude oil currently trading around $73.82 per barrel. Oil prices fell more than 4% on Tuesday, the largest one-day drop in nearly a month, weighed down by news of a possible ceasefire between Hezbollah and Israel, and expectations of a possible increase in U.S. crude oil inventories. However, oil prices received some support due to concerns that Iran’s oil infrastructure could be attacked.

Today Advise:Sideways

Key Levels:

PPResistance*76.86*80.21**82.48***
74.58Support*71.23*68.96**65.61***

Weekly forecast

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XAU/USD

Trend Theme:Gold trading reminder: Two major negative factors suppressed gold prices, hitting a new low in more than two weeks, pay attention to the minutes of the Federal Reserve meeting

Trend Review:

In the early Asian trading on Wednesday (October 9), Spot gold fluctuated in a narrow range and is currently trading at $2,622.88 per ounce. Gold prices fell more than 1% during Tuesday’s session, hitting a low of $2,604.68 per ounce, the lowest since September 20, and closed at $2,621.76 per ounce. Recent U.S. employment data hit expectations of a larger rate cut, while Hezbollah’s support for a ceasefire and market concerns about a possible all-out war in the Middle East have eased, also weakening gold’s safe-haven buying.

Today Advise:Bearish

Key Levels:

PPResistance*2648.30*2674.83**2696.54***
2626.59Support*2600.06*2578.35**2551.82***

Weekly forecast

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