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Maxain Morning Analysis 23/04/2024

AUD/USD

Trend Theme:AUD/USD holds higher ground above 0.6450 on risk-on mood.

Trend Review:AUD/USD is holding higher ground above 0.6450 in the Asian session on Tuesday. The pair capitalizes on the extended risk-on flows into Asia from Wall Street overnight. Upbeat Australian Composite PMI also supports the Aussie ahead of US PMI data.

Today Advise:Bullish

Key Levels:

PPResistance*0.64665 *0.64706 **0.64816 ***
0.64596Support*0.64555 *0.64486 **0.64376 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen bounces off multi-decade low against USD, lacks follow-through.

Trend Review:The Japanese Yen draws some support from the possibility of a government intervention. The divergent BoJ-Fed expectations and easing Middle East tensions cap the safe-haven JPY. Traders also seem reluctant ahead of the key US macro data and BoJ meeting later this week.

Today Advise:Bearish

Key Levels:

PPResistance*154.765 *154.789 **154.84 ***
154.738Support*154.714 *154.687 **154.636 ***

Weekly forecast

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WTI

Trend Theme:Oil prices fell to fresh lows in more than three weeks as worries about widespread war in the Middle East eased.

Trend Review:Crude oil futures fell on Monday as traders believed there was little short-term risk from the conflict in the Middle East affecting supply, and concerns about a further deterioration of the situation cooled, putting significant pressure on oil prices.

Today Advise:Bullish

Key Levels:

PPResistance*82.191 *82.257 **82.442 ***
82.072Support*82.006 *81.887 **81.702 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price extends sell-off to test $2,300, US PMIs awaited.

Trend Review:Gold price extends correction early Tuesday as the Middle East’s woes abate. The pullback in the price of Gold could be attributed to profit-taking, as mentioned by Jim Wyckoff of Kitco News, alongside the risk-on trades. Focus shifts to key US PMI data. 

Today Advise:Baerish

Key Levels:

PPResistance*2302.48 *2324.24 **2340.18 ***
2308.3Support*2370.96 *2292.36 **2276.42 ***

Weekly forecast

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