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Maxain Morning Analysis 20/03/2024

EUR/USD

Trend Theme:EUR/USD remains capped under the 1.0900 mark, Fed rate decision eyed.

Trend Review:The EUR/USD pair trades softer below the 1.0900 mark during the early Asian session on Monday. The rebound of the US Dollar above 103.50 weighs on the major pair. Investors await the US Federal Open Market Committee’s interest rate decision on Wednesday, with no change in rate expected. 

Today Advise:Bearish

Key Levels:

PPResistance*1.0901 *1.0914 **1.0928 ***
1.0887Support*1.0875 *1.0861 **1.0848 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY holds steady around 149.00 as traders look to BoJ and Fed policy meetings this week.

Trend Review:USD/JPY consolidates last week’s strong gains and oscillates near the 149.00 mark on Monday as traders await the key central bank event risks for a fresh directional impetus. Meanwhile, expectations that the Bank of Japan will delay its plan to exit negative interest rates might continue to act as a tailwind for the major.

Today Advise:Bullish

Key Levels:

PPResistance*149.48 *149.89 **150.61 ***
148.76Support*148.35 *147.63 **147.22 ***

Weekly forecast

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WTI

Trend Theme:Crude oil prices rose slightly in early Asian trade on Monday, consolidating gains from last week’s nearly 4 percent gain.

Trend Review:Geopolitical risks are rising, the impact of the Russia-Ukraine conflict on the crude oil market continues to escalate, and the Federal Reserve is about to announce its interest rate decision. The market believes supply is tightening, oil prices are volatile, and investors are waiting to see.

Today Advise:Bullish

Key Levels:

PPResistance*80.97 *81.36 **81.84 ***
80.49Support*80.09 *79.61 **79.21 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold trades with mild negative bias ahead of Chinese data.

Trend Review:Gold price hovers around $2,155 during the early Asian trading hours on Monday. The downtick of yellow metal is backed by US February stronger-than-expected inflation data, which might delay the interest rate cuts by the Federal Reserve.

Today Advise:Neutral

Key Levels:

PPResistance*2174.94 *2188.12 **2199.19 ***
2163.87Support*2150.69 *2126.44 **2110.64 ***

Weekly forecast

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