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Maxain Morning Analysis 14/05/2024

GBP/USD

Trend Theme:GBP/USD maintains its bid bias around 1.2560.

Trend Review:GBP/USD keeps its auspicious start to the week well and sound and navigates the upper end of the range near 1.2560 on the back of the resumption of the selling bias in the US Dollar. 

Today Advise:Bullish

Key Levels:

PPResistance*1.2558 *1.25614 **1.2567 ***
1.25558Support*1.25524 *1.25502 **1.25446 ***

Weekly forecast

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AUD/USD

Trend Theme:AUD/USD depreciates ahead of the Australian Budget Release.

Trend Review:AUD/USD retraces its recent gains on Tuesday ahead of the Yearly Budget Release by the Australian Government due to be published later in the day. Treasurer Jim Chalmers hinted at positive developments suggesting that the upcoming budget could show a faster decline in inflation than the RBA had predicted.

Today Advise:Bearish

Key Levels:

PPResistance*0.66059 *0.66112 **0.66191 ***
0.66033Support*0.6598 *0.65954 **0.65875 ***

Weekly forecast

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WTI

Trend Theme:Demand optimism drives oil prices higher, focus on OPEC monthly report and U.S. inflation data.

Trend Review:Oil prices rose on Monday on signs of improving demand from the United States and China, the world’s two largest oil consumers, helping prices rebound from a $1 loss in the previous session. This trading day needs to focus on the OPEC crude oil market monthly report, pay attention to the US March PPI data and API crude oil inventory series data, pay attention to the speeches of Federal Reserve officials and news related to the geopolitical situation in the Middle East.. 

Today Advise:Bullish

Key Levels:

PPResistance*78.934 *79.036 **79.199 ***
78.873Support*78.771 *78.71 **78.547 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold loses its bright amid mixed market mood.

Trend Review:Gold prices retreated sharply on Monday from near $2,350 even though US Treasury yields declined, undermining appetite for the Greenback. Traders brace for a busy economic docket in the United States. The XAU/USD trades around $2,336, down 1% amid a risk-on impulse.

Today Advise:Bullish

Key Levels:

PPResistance*2341.72 *2343.79 **2348.63 ***
2338.95Support*2336.88 *2334.11 **2329.27 ***

Weekly forecast

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