Picture of Maxain Analyst
by
on

Maxain Morning Analysis 18/01/2024

EUR/USD

Trend Theme:EUR/USD holds below the 1.0900 mark, focus on Lagarde’s speech, US data.

Trend Review:The EUR/USD remains capped under the 1.0900 mark during the early Asian trading hours on Thursday. The major pair gains traction despite the firmer US Dollar. The ECB hawks have pushed back against expectations of an early rate cut, which lends some support to the Euro. 

Today Advise:Neutral

Key Levels:

PPResistance*1.0895 *1.0910 **1.0935 ***
1.0870Support*1.0855 *1.0830 **1.0815 ***

Weekly forecast

————————————————————————————————-

USD/JPY

Trend Theme:Japanese Yen languishes near its lowest level since November against USD.

Trend Review:The Japanese Yen consolidates near a multi-week low touched against the USD on Wednesday. Expectations that the BoJ will stick to its dovish stance in January continue to undermine the JPY. Reduced bets for a March Fed rate cut and elevated US bond yields act as a tailwind for the USD.

Today Advise:Bearish

Key Levels:

PPResistance*148.79 *149.39 **150.24 ***
147.93Support*147.34 *146.48 **145.89 ***

Weekly forecast

—————————————————————————————————

WTI

Trend Theme:The cold weather disrupted some oil production in the United States, and the bulls “Jedi counterattack” oil prices closed up more than 1%.

Trend Review:Oil prices were almost flat on Wednesday as freezing weather disrupted some U.S. oil production, offsetting a flurry of economic data that raised concerns about energy demand.

Today Advise:Bearish

Key Levels:

PPResistance*73.46 *74.18 **75.60 ***
72.04Support*71.32 *69.90 **69.18 ***

Weekly forecast

—————————————————————————————————

XAU/USD

Trend Theme:Gold remains on the defensive above $2,000.

Trend Review:Gold price drops to the $2,000 mark during the early Asian trading hours on Thursday. The downward momentum of yellow metal is supported by the strong economic data in the US, which dampened expectations of an imminent cut in interest rates.

Today Advise:Bearish

Key Levels:

PPResistance*2025.51 *2044.82 **2056.63 ***
2013.70Support*1994.39 *1982.58 **1963.27 ***

Weekly forecast

Ready to trade?

Unleash your trading skills with your Maxain account today!

Easy funding & withdrawals

No deposit fees