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Maxain Morning Analysis 25/10/2024

EUR/USD

Trend Theme:EUR/USD rallies back over 1.0800

Trend Review:EUR/USD made a half-hearted recovery on Thursday, rebounding four-tenths of one percent and clawing back north of the 1.0800 handle. Despite a late-week bounce, Fiber remains steeply off of recent highs after declining over 4% top-to-bottom from late September’s peak bids near 1.1200.

Today Advise:Bearish

Key Levels:

PPResistance*1.0848 *1.0869 **1.0908 ***
1.0810Support*1.0789 *1.0750 **1.0730 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY climbs back closer to 152.00 after Tokyo CPI

Trend Review:USD/JPY finds some support near the mid-151.00s and stalls its corrective pullback from a nearly three-month high touched on Wednesday. The mixed Tokyo inflation figures do little to revive bets for another BoJ rate hike by the end of this year and keep the JPY bulls on the defensive ahead of Japan’s general election on Sunday. 

Today Advise:Bullish

Key Levels:

PPResistance*152.59 *153.35 **153.87 ***
152.07Support*151.31 *150.79**150.03 ***

Weekly forecast

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WTI

Trend Theme:Crude Oil hovers around $71.00 after US Continuing Jobless Claims hit a three-year high

Trend Review:Crude Oil struggles to hold gains this Thursday, attempting to move away from $70.00 and looking for more upside. Markets are pricing in a new escalation in geopolitical tensions after failed attempts from US Secretary of State Blinken in the Middle East. The US Dollar Index fades after its steep rally earlier this week, focus on the US PMI on Thursday. 

Today Advise:Sideways

Key Levels:

PPResistance*71.74 *73.25 **74.28 ***
70.71Support*69.20 *68.17 **66.66 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price trades with negative bias below record high

Trend Review:Gold price ticks lower on Friday amid a generally positive risk tone and a modest USD uptick, bolstered by bets for smaller Fed rate cuts and elevated US bond yields. That said, Middle East tensions, the US political uncertainty and an easing monetary policy environment might continue to support the XAU/USD.

Today Advise:Neutral

Key Levels:

PPResistance*2747.87 *2759.46 **2775.62 ***
2731.71Support*2720.12 *2703.96 **2692.37 ***

Weekly forecast

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