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Maxain Morning Analysis 23/10/2024

EUR/USD

Trend Theme:EUR/USD tests further into the red, approaches 16-week low

Trend Review:EUR/USD found further room on the low side on Tuesday, easing back another 0.16% and testing into a key technical barrier that could see fresh 16-week lows if the price floor opens up beneath the Euro.

Today Advise:Bearish

Key Levels:

PPResistance*1.0829 *1.0856 **1.0874 ***
1.0811Support*1.0783 *1.0765 **1.0738 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY advances further beyond 151.00, highest since late July

Trend Review:USD/JPY climbs to its highest level since July 31 during the Asian session on Wednesday amid the underlying bullish sentiment surrounding the USD. Furthermore, the uncertainty over the timing and pace of further rate hikes by the BoJ undermines the JPY, lending additional support. 

Today Advise:Bullish

Key Levels:

PPResistance*151.35 *151.62 **152.05 ***
150.92Support*150.65 *150.22 **149.95 ***

Weekly forecast

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WTI

Trend Theme:WTI crude oil struggles to hold above $70, and the road to recovery in the next few days will be full of challenges

Trend Review:Crude oil prices are caught between geopolitical tensions in the Middle East, weak demand and a stronger U.S. dollar. While short-term support from the conflict in the Middle East could push oil prices higher, traders should remain cautious.

Today Advise:Sideways

Key Levels:

PPResistance*72.41 *73.57 **75.13 ***
70.85Support*69.68 *68.13 **66.96 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price pauses for a breather on stronger USD, elevated US bond yields

Trend Review:Gold price holds steady near a fresh all-time peak touched on Tuesday amid fading hopes of a Middle East ceasefire. Adding to this, the US political uncertainty and the expected rate cuts by major central banks act as a tailwind for the non-yielding yellow metal. 

Today Advise:Neutral

Key Levels:

PPResistance*2759.04 *2769.10 **2789.14 ***
2739.00Support*2728.94 *2708.90 **2698.84 ***

Weekly forecast

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