Picture of Maxain Analyst
by
on

Maxain Morning Analysis 16/04/2024

EUR/USD

Trend Theme:EUR/USD falls toward 1.0600 on higher expectations of the Fed prolonging higher rates.

Trend Review:EUR/USD continues to lose ground for the sixth successive session, trading near 1.0610 during the Asian hours on Tuesday. The elevated US Dollar is exerting pressure on the pair, potentially influenced by the higher US Treasury yields.

Today Advise:Bearish

Key Levels:

PPResistance*1.0653 *1.0682 **1.0698 ***
1.0637Support*1.0608 *1.0592 **1.0563 ***

Weekly forecast

————————————————————————————————-

GBP/USD

Trend Theme:GBP/USD rejected at 1.2500 pulls back to retest support area at 1.2430.

Trend Review:GBP/USD declined toward 1.2450 in the American session and erased a large portion of its daily recovery gains. The USD continues to outperform its rivals following the better-than-forecast data and doesn’t allow the pair to preserve its recovery momentum. 

Today Advise:Bearish

Key Levels:

PPResistance*1.2485 *1.2523 **1.2548 ***
1.2460Support*1.2422 *1.2397 **1.2359 ***

Weekly forecast

—————————————————————————————————

WTI

Trend Theme:Concerns about tensions in the Middle East linger, will oil prices rise in the future?

Trend Review:Oil prices bottomed out and rebounded on Monday. Iran’s weekend attack on Israel proved to be less damaging than expected, and the Israeli dollar immediately counterattacked. This once eased concerns that the rapid intensification of the conflict may lead to a reduction in crude oil supply. U.S. crude oil once fell to a new low in the past two weeks. to $84.03 a barrel, but prices were supported by bargain hunting following Israel’s statement that it would respond to Iran’s missile and drone attacks over the weekend.

Today Advise:Bullish

Key Levels:

PPResistance*85.79 *86.43 **87.56 ***
84.67Support*84.02 *82.90 **82.25 ***

Weekly forecast

—————————————————————————————————

XAU/USD

Trend Theme:Gold Buyers take a breather below $2,400 amid easing geopolitical tensions.

Trend Review:Gold price is catching a breath below $2,400 in Asian trading on Tuesday, having risen over 1% in the US last session even on a solid US Retail Sales report, which powered the US Dollar through the roof. Easing Middle East geopolitical tensions and strong Chinese data could cap Gold’s upside. 

Today Advise:Bullish

Key Levels:

PPResistance*2405.75 *2428.40 **2469.11 ***
2365.04Support*2342.39 *2301.68 **2279.03 ***

Weekly forecast

Ready to trade?

Unleash your trading skills with your Maxain account today!

Easy funding & withdrawals

No deposit fees