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Maxain Morning Analysis 19/11/2024

EUR/USD

Trend Theme:EUR/USD digs in and extends rebound from 1.05.

Trend Review: EUR/USD pared away further losses on Monday, rising nearly two-thirds of a percent as markets ease off the Greenback gas pedal and give the Euro a chance to come up for air. 

Today Advise:Neutral

Key Levels:

PPResistance*1.0623 *1.0654 **1.0700 ***
1.0577Support*1.0546 *1.0500 **1.0469 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen edges higher against USD; bulls seem non-committed.

Trend Review:The Japanese Yen (JPY) ticks higher against its American counterpart during the Asian session on Tuesday, albeit it lacked bullish conviction in the wake of the uncertainty over the timing of another interest rate hike by the Bank of Japan (BoJ).

Today Advise:Neutral

Key Levels:

PPResistance*155.36 *156.12 **156.88 ***
154.60Support*153.83 *153.08 **152.31 ***

Weekly forecast

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WTI

Trend Theme:As the conflict between Russia and Ukraine escalates, are oil price bulls ready to fight back?

Trend Review:According to CFTC data, crude oil speculators’ net long positions decreased by 21,944 to 71,587, reflecting a cooling of market expectations for rising crude oil prices.

Today Advise:Bullish

Key Levels:

PPResistance*70.13 *71.15 **72.95 ***
68.33Support*67.31 *65.51 **64.49 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold rises as US Dollar dips on Rusia-Ukraine concerns

Trend Review:After suffering large losses in the previous week, Gold gathers recovery momentum and trades in positive territory above $2,600 on Monday. In the absence of high-tier data releases, escalating geopolitical tensions help XAU/USD hold its ground.

Today Advise:Bullish

Key Levels:

PPResistance*2629.24 *2648.13 **2681.14 ***
2596.23Support*2577.34 *2544.33 **2544.33 ***

Weekly forecast

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