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Maxain Morning Analysis 24/11/2023

EUR/USD

Trend Theme:EUR/USD gains ground above 1.0900 on the stronger Eurozone PMI, US PMI data looms.

Trend Review:The EUR/USD pair trades in positive territory above 1.0900 during the early Asian trading hours on Friday. The uptick of the Euro is bolstered by the stronger-than-expected Eurozone PMI data. Traders will closely watch the German GDP Q3, IFO Survey and US S&P Global PMI data. 

Today Advise:Bearish

Key Levels:

PPResistance*1.0930 *1.0955 **1.0978 ***
1.0907Support*1.0882 *1.0859 **1.0834 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY flirts with weekly low against the US Dollar on softer Japan core CPI.

Trend Review:The USD/JPY remains below the 150.00 area during the Asian session on Friday following the release of softer domestic CPI figures, though rising bets for a Bank of Japan pivot help limit deeper losses. The headline and core rates of inflation in Japan have been above the BoJ’s 2% target for more than a year now. 

Today Advise:Bullish

Key Levels:

PPResistance*149.88 *150.19 **150.68 ***
149.38Support*149.07 *148.58 **148.27 ***

Weekly forecast

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WTI

Trend Theme:OPEC+ postpones meeting, oil prices extend decline.

Trend Review:After OPEC+ unexpectedly postponed its much-anticipated output policy meeting, the market expected that OPEC may not deepen production cuts next year after the oil-producing group postponed its policy meeting. Oil prices continued their decline, falling about 1% on Thursday.

Today Advise:Bearish

Key Levels:

PPResistance*77.02 *77.70 **78.54 ***
76.18Support* 75.51 *74.67 **73.99 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold pares modest intraday losses below $2,000, US PMI data eyed.

Trend Review:Gold pares losses as the US dollar resumes its decline during the early Asian session on Friday. There will be no economic data release from the US on Friday, and Wall Street will be closed. The XAU/USD price trades around $1,992, unchanged for the day.

Today Advise:Bullish

Key Levels:

PPResistance*1997.40 *2002.57 **2006.56 ***
1993.41Support*1988.24 *1984.25 **1979.08 ***

Weekly forecast

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