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Maxain Morning Analysis 22/02/2024

EUR/USD

Trend Theme:EUR/USD drifts into Wednesday’s top end after Fed Minutes, markets pivot to PMI wait.

Trend Review:EUR/USD drifted into the midrange before a late break into the high side on Wednesday after the US Federal Reserve (Fed) published its latest Minutes which showed policymakers continue to remain focused on downside risks.

Today Advise:Bullish

Key Levels:

PPResistance*1.0831 *1.0845 **1.0866 ***
1.0811Support*1.0797 *1.0776 **1.0762 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen hangs near weekly low, bears seem non-committed amid intervention risks.

Trend Review:The Japanese Yen remains on the defensive amid the BoJ policy uncertainty. The flash Japan PMIs do little to impress the JPY bulls or lend any support. Intervention fears help limit deeper losses amid subdued USD price action.

Today Advise:Bearish

Key Levels:

PPResistance*150.44 *150.69 **150.99 ***
150.15Support*149.90 *149.61 **149.36 ***

Weekly forecast

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WTI

Trend Theme:Oil prices rose 1% amid signs of tightening crude supplies and a wave of data from the EIA.

Trend Review:Oil prices rose 1 percent on Wednesday as geopolitical tensions in the Middle East and traders assessed recent signs of tight supplies. The trading day will see the EIA crude oil inventory series and a wave of European and U.S. PMI data, as well as several Federal Reserve officials speak, investors need to pay attention.

Today Advise:Bullish

Key Levels:

PPResistance*78.47 *79.03 **80.14 ***
77.36Support*76.80 *75.69 **75.13 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price hovers around the 50-day SMA as traders eye flash PMIs.

Trend Review:Gold price is virtually unchanged after the US Federal Reserve released January’s meeting minutes, which reassured market participants that the Fed is in no rush to cut rates in the near term.  The XAU/USD trades within the $2020-30 range.

Today Advise:Bullish

Key Levels:

PPResistance*2031.11 *2037.79 **2043.28 ***
2025.62Support*2018.94 *2013.45 **2006.77 ***

Weekly forecast

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