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Maxain Morning Analysis 11/11/2024

EUR/USD

Trend Theme:EUR/USD remains tepid near 1.0700 due to higher US Dollar, political uncertainties

Trend Review: The EUR/USD pair continues to face downward pressure for a second consecutive session, hovering around 1.0720 during Monday’s Asian trading hours. The pair is weighed down by a stronger US Dollar and political uncertainties in Germany.

Today Advise:Neutral

Key Levels:

PPResistance*1.0787*1.0856**1.0906***
1.0737Support*1.0668*1.0618**1.0549***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY extends correction to near 152.00 on Japan’s intervention alert

Trend Review:USD/JPY slides further to near 152.00 as the Japanese yen strengthens after Japana Kato warned of possible intervention. The US Dollar tries to resume its upside trend on Trump policy optimism. On Thursday, the Fed cut interest rates by 25 bps to 4.50%-4.75%.

Today Advise:Bearish

Key Levels:

PPResistance*153.21*153.90**154.44***
152.68Support*151.98*151.45**150.76***

Weekly forecast

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WTI

Trend Theme:Crude Oil unable to avoid Friday’s losses with depressed tone in commodity complex

Trend Review:Crude Oil dips lower again and might be on its way to close below $71.00 for this week. Traders assess what the Donald Trump victory means, while concerns about Chinese demand are reemerging. The US Dollar Index finds a floor after Fed Chairman Powell said he is committed to finishing his term, and ticks higher going into the US trading session. 

Today Advise:Sideways

Key Levels:

PPResistance*71.53*72.86**73.75***
70.64Support*69.31*68.42**67.09***

Weekly forecast

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XAU/USD

Trend Theme:Gold drifts lower below $2,700 on firmer US Dollar

Trend Review:Gold price trades in negative territory near $2,680 during the early Asian session on Monday. The downtick of the precious metal is pressured by a stronger US Dollar due to Donald Trump’s victory. 

Today Advise:Sideways

Key Levels:

PPResistance*2703.66*2722.09**2733.72***
2692.03Support*2673.60*2661.97**2643.54***

Weekly forecast

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