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Maxain Morning Analysis 18/04/2024

GBP/USD

Trend Theme:GBP/USD remains capped below 1.2470, eyes on US data.

Trend Review:The GBP/USD pair trades on a softer note around 1.2450 during the early Asian trading hours on Thursday. The softer UK inflation data prompted the expectation that the Bank of England will start lowering interest rates in the coming months, which weighs on the Pound Sterling against the Greenback. 

Today Advise:Bearish

Key Levels:

PPResistance*1.2485 *1.2516 **1.2550 ***
1.2451Support*1.2420 *1.2386 **1.2355 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY remains below 154.50 amid weaker US Dollar.

Trend Review:USD/JPY keeps losses for the second successive session, trading below 154.50 in Asian trading on Thursday. The pair is undermined by the latest US Dollar pullback, Japan’s FX intervention risks and a softer risk tone. 

Today Advise:Bearish

Key Levels:

PPResistance*154.70 *155.00 **155.27 ***
154.43Support*154.12 *153.86 **153.55 ***

Weekly forecast

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WTI

Trend Theme:The peaking signal is enhanced! Oil prices fell 3% to a new low in more than two weeks as demand concerns loomed over the market.

Trend Review:Oil prices closed down 3% on Wednesday, weighed down by a build-up in U.S. commercial inventories, weak economic data from major Asian countries and progress on U.S. aid bills for Ukraine and Israel. U.S. crude oil hit a new low since April at $82.53 a barrel on Wednesday.

Today Advise:Bearish

Key Levels:

PPResistance*84.19 *86.06 **87.14 ***
83.10Support*81.23 *80.15 **78.28 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold retreats as lower US yields offset the impact of hawkish Powell speech.

Trend Review:Gold prices retreated from close to weekly highs during the North American session on Wednesday amid an improvement in risk appetite. The bullish impulse arrived despite hawkish commentary by US Federal Reserve officials. 

Today Advise:Baerish

Key Levels:

PPResistance*2386.13 *2411.35 **2427.06 ***
2370.42Support*2345.20 *2329.49 **2304.27 ***

Weekly forecast

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