Picture of Maxain Analyst
by
on

Maxain Morning Analysis 20/03/2024

AUD/USD

Trend Theme:AUD/USD advances toward 0.6550 despite PBOC’s status-quo, Fed in focus.

Trend Review:AUD/USD is advancing toward 0.6550 in Asian trading on Wednesday. The pair is undeterred by the PBOC’s no-rate change decision and a cautious market mood, as the US Dollar pauses its upswing ahead of the Fed interest decision. 

Today Advise:Bullish

Key Levels:

PPResistance*0.6563 *0.6593 **0.6623 ***
0.6533Support*0.6503 *0.6473 **0.6443 ***

Weekly forecast

————————————————————————————————-

USD/JPY

Trend Theme:Japanese Yen adds to post-BoJ losses, plummets to fresh YTD low against USD.

Trend Review:The Japanese Yen dives to a multi-month low in the wake of the BoJ’s dovish hike on Tuesday. Hawkish Fed expectations underpin the USD and lend additional support to the USD/JPY pair. Intervention fears might cap the major ahead of the crucial FOMC monetary policy decision.

Today Advise:Bullish

Key Levels:

PPResistance*151.54 *152.23 **153.50 ***
150.28Support*149.59 *148.32 **147.63 ***

Weekly forecast

—————————————————————————————————

WTI

Trend Theme:An attack on a Russian refinery sent oil prices to a multi-month high for a second day as global supply concerns intensified.

Trend Review:Oil prices rose to multi-month highs for a second straight session on Tuesday as traders assessed how Ukraine’s recent attack on a Russian refinery would affect global oil supplies. Ukraine has stepped up attacks on Russian oil infrastructure this year, with at least seven refineries targeted by drones this month alone. Calculations show that the attacks have shut down 7 percent of Russia’s refining capacity, or about 370,500 barrels per day.

Today Advise:Bullish

Key Levels:

PPResistance*83.09 *83.72 **84.38 ***
82.42Support*81.80 *81.13 **80.50 ***

Weekly forecast

—————————————————————————————————

XAU/USD

Trend Theme:Gold price treads water near $2,160 pre-FOMC decision.

Trend Review:Gold price is holding the bounce near $2,160 in Wednesday’s Asian trades after it rebounded late in Tuesday’s US session from a decline, in the face of a strong US Dollar. Market participants await the Fed outcome and Powell’s presser. 

Today Advise:Neutral

Key Levels:

PPResistance*2164.59 *2171.61 **2180.30 ***
2155.90Support*2148.88 *2140.19 **2133.17 ***

Weekly forecast

Ready to trade?

Unleash your trading skills with your Maxain account today!

Easy funding & withdrawals

No deposit fees