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Maxain Morning Analysis 11/12/2023

EUR/USD

Trend Theme:EUR/USD holds positive ground around 1.0770, US CPI data eyed.

Trend Review:The EUR/USD pair kicks off the new week on a positive note during the early Asian session on Monday. The rebound of the pair is backed by the consolidation of the US Dollar following stronger-than-expected US employment data. The major pair is trading around 1.0770, gaining 0.06% on the day.

Today Advise:Bearish

Key Levels:

PPResistance*1.0802 *1.0840 **1.0879 ***
1.0763Support*1.0725 *1.0686 **1.0648 ***

Weekly forecast

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GBP/USD

Trend Theme:GBP/USD recovers some lost ground near 1.2550 ahead of the UK employment, US CPI data.

Trend Review:The GBP/USD pair holds positive ground during the early Asian session on Monday. The pair recovers some lost ground from Friday’s low of 1.2500 and trades around 1.2551, gaining 0.03% on the day. 

Today Advise:Bearish

Key Levels:

PPResistance*1.2599 *1.2650 **1.2698 ***
1.2551Support*1.2500 *1.2452 **1.2401 ***

Weekly forecast

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WTI

Trend Theme:The US strategic petroleum Reserve replenishment supported oil prices, and the market ushered in four central bank resolutions this week.

Trend Review:Oil prices edged higher on Monday, extending gains to a second session, as U.S. efforts to replenish strategic reserves provided some support, although concerns remained about a crude glut and weak fuel demand growth next year.

Today Advise:Neutral

Key Levels:

PPResistance*72.19 *73.01 **74.26 ***
70.94Support*70.12 *68.87 **68.04 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold holds above $2,000, investors await US CPI data.

Trend Review:Gold price recovers its recent losses during the early Asian trading hours on Monday. The unexpectedly upbeat US labor market boosts the US Treasury yields climbing and diminishes investors’ appetite for the yellow metal. However, the yellow metal attracts some buyers as it finds support near the two-week low of $1,995. 

Today Advise:Bearish

Key Levels:

PPResistance*2026.41 *2049.92 **2065.77 ***
2010.56Support*1987.05 *1971.20 **1947.69 ***

Weekly forecast

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