Picture of Maxain Analyst
by
on

Maxain Morning Analysis 13/11/2024

EUR/USD

Trend Theme:EUR/USD pierces 1.06, finds lowest bids in a year

Trend Review: EUR/USD trimmed further into low the side on Tuesday, shedding another third of a percent. Fiber briefly tested below 1.0600 during the day’s market session, and the pair is poised for further losses after a rapid seven-week decline from multi-month highs set just above 1.1200 in September.

Today Advise:Neutral

Key Levels:

PPResistance*1.0659*1.0695**1.0727***
1.0627Support*1.0590*1.0559**1.0522***

Weekly forecast

————————————————————————————————-

USD/JPY

Trend Theme:Japanese Yen extends its consolidative price move against USD amid mixed cues

Trend Review:The Japanese Yen struggles to capitalize on its modest intraday bounce against the USD. Trump-related tariff fears and elevated US bond yields undermine the lower-yielding JPY. Traders now look to Fed speakers and important economic data releases for a fresh impetus.

Today Advise:Bearish

Key Levels:

PPResistance*155.20*155.82**156.71***
154.30Support*153.69*152.79**152.17***

Weekly forecast

————————————————————————————————-

WTI

Trend Theme:Crude Oil tries to bounce off support after OPEC slashes forecasts again

Trend Review:Crude Oil bounces off fresh November low and looks for gains. Markets are projecting a $40 price per barrel under Trump’s presidency. The US Dollar Index rallies further with the Trump trade sweeping markets and US yields pushed higher. 

Today Advise:Sideways

Key Levels:

PPResistance*68.69*69.51**70.02***
68.18Support*67.37*66.85**66.04***

Weekly forecast

—————————————————————————————————

XAU/USD

Trend Theme:Gold struggles to retain the $2,600 mark

Trend Review:Following the early breakdown of the key $2,600 mark, prices of Gold now manages to regain some composure and reclaim the $2,600 level and beyond amidst the persistent move higher in the US Dollar and the rebound in US yields.

Today Advise:Sideways

Key Levels:

PPResistance*2621.52*2643.17**2659.07***
2605.62Support*2583.97*2568.07**2546.42***

Weekly forecast

Ready to trade?

Unleash your trading skills with your Maxain account today!

Easy funding & withdrawals

No deposit fees