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Maxain Morning Analysis 21/11/2023

EUR/USD

Trend Theme:EUR/USD stands tall near its highest level since August, around mid-1.0900s.

Trend Review:The EUR/USD pair enters a bullish consolidation phase during the Asian session on Tuesday and oscillates in a narrow trading band just below mid-1.0900s, or its highest level since August 14 touched the previous day.

Today Advise:Bearish

Key Levels:

PPResistance*1.0963 *1.0985 **1.1018 ***
1.0931Support*1.0909 *1.0876 **1.0855 ***

Weekly forecast

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GBP/USD

Trend Theme:GBP/USD consolidates gains around 1.2500.

Trend Review:GBP/USD turned positive and hit a fresh two-month high at 1.2517. The pair is consolidating gains, holding above 1.2500, on the back of a weaker US Dollar. The Greenback remains vulnerable, as Wall Street climbs further and US yields slide.

Today Advise:Neutral

Key Levels:

PPResistance*1.2534 *1.2562 **1.2606 ***
1.2490Support*1.2463 *1.2419 **1.2391 ***

Weekly forecast

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WTI

Trend Theme:The market hopes that OPEC will further reduce production, and oil prices rise by more than 2% and fall back to the 200-day moving average.

Trend Review:International oil prices rose more than 2% on Monday amid widespread expectations that OPEC+ will announce further production cuts after a meeting of member states early next week.

Today Advise:Bullish

Key Levels:

PPResistance*78.83 *80.03 **81.61 ***
77.26Support*76.06 *74.48 **73.28 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold holds positive ground near $1,980, eyes on FOMC Meeting Minutes.

Trend Review:Gold price snaps the two-day losing streak during the early Asian trading hours on Tuesday. The lower US Treasury yields weigh on the Greenback and lift the USD-denominated gold. On a quiet day in terms of US economic data, traders await the FOMC Meeting Minutes on Tuesday.

Today Advise:Bullish

Key Levels:

PPResistance*1986.95 *1996.01 **2006.73 ***
1976.23Support*1967.17 *1956.45 **1947.39 ***

Weekly forecast

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