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Maxain Morning Analysis 13/05/2024

EUR/USD

Trend Theme:EUR/USD trades with a bearish bias above 1.0750 ahead of US economic data.

Trend Review:EUR/USD trades on a softer note around 1.0770 during the Asian trading hours on Monday. Investors turn to cautious mode and prefer to wait on the sidelines ahead of the US key economic data this week. 

Today Advise:Bearish

Key Levels:

PPResistance*1.07728 *1.07747 **1.07798 ***
1.07696Support*1.07677 *1.07645 **1.07594 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY trades on a positive note above 155.80 on Fed’s hawkish comments.

Trend Review:The USD/JPY pair trades on a stronger note near 155.85 during the Asian trading hours on Monday. The hawkish stance from the US Federal Reserve has provided some support to the Greenback in recent sessions.

Today Advise:Bullish

Key Levels:

PPResistance*155.87 *155.921 **156.003 ***
155.839Support*155.788 *155.757 **155.675 ***

Weekly forecast

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WTI

Trend Theme:Oil prices extend losses on signs of softening fuel demand, dollar strengthens, focus on Middle East situation.

Trend Review:Oil prices extended losses on Monday as signs of softening fuel demand and comments from Federal Reserve officials dampened hopes for a rate cut that could slow U.S. economic growth and curb fuel demand. 

Today Advise:Bearish

Key Levels:

PPResistance*77.695 *77.761 **77.947 ***
77.575Support*77.509 *77.389 **77.203 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold extends the rally near $2,360 amid geopolitical risks.

Trend Review:Gold price extends its upside near $2,360 on Monday during the early Asian trading hours. The rising geopolitical tensions in the Middle East boost safe-haven flows and benefit precious metals. 

Today Advise:Sideways

Key Levels:

PPResistance*2360.04 *2360.95 **2363.16 ***
2358.74Support*2357.83 *2356.53 **2354.32 ***

Weekly forecast

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