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Maxain Morning Analysis 23/01/2024

GBP/USD

Trend Theme:GBP/USD holds above 1.2700 ahead of UK, US PMI data.

Trend Review:The GBP/USD pair holds above the 1.2700 psychological mark during the early Asian session on Tuesday. The rebound of the major pair is supported by an improved risk appetite. Investors will keep an eye on the preliminary UK S&P Global PMI for January on Wednesday, which is expected to remain upbeat.

Today Advise:Bearish

Key Levels:

PPResistance*1.2732 *1.2756 **1.2778 ***
1.2710Support*1.2686 *1.2664 **1.2640 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen remains confined in range against USD, looks to BoJ for fresh impetus.

Trend Review:The Japanese Yen struggles for a firm direction as traders keenly await BoJ’s decision. The BoJ is expected to stick to its ultra-dovish monetary policy settings on Tuesday. The divergent BoJ-Fed policy expectations continue to act as a tailwind for USD/JPY.

Today Advise:Bullish

Key Levels:

PPResistance*148.36 *148.68 **149.05 ***
147.99Support*147.68 *147.31 **146.99 ***

Weekly forecast

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WTI

Trend Theme:Oil prices rose 2% to their highest in nearly four weeks as market jitters rose on supply disruptions.

Trend Review:Extreme cold weather continued to hamper U.S. crude production, and oil prices rose about 2 percent on concerns about global energy supplies after a Ukrainian drone strike on Russia’s Novatek.

Today Advise:Bullish

Key Levels:

PPResistance*75.82 *77.06 **78.69 ***
74.18Support*72.94 *71.31 **70.07 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold remains range-bound above $2,020 in a busy week of policy meetings.

Trend Review:Gold price clings to the range-bound theme, trading around $2,021 during the Asian session on Tuesday. Markets turn cautious ahead of a busy week of policy meetings with many central banks.

Today Advise:Bullish

Key Levels:

PPResistance*2029.88 *2038.82 **2045.46 ***
2023.24Support*2014.30 *2007.66 **1998.72 ***

Weekly forecast

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