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Maxain Morning Analysis 25/01/2024

EUR/USD

Trend Theme:EUR/USD continues to drift in technical consolidation range near 1.0900.

Trend Review:EUR/USD rose to a near-term high above 1.0930 on Wednesday after European Purchasing Managers’ Index figures surprised to the upside on the manufacturing component, while a broad forecast beat for US PMI data soured market sentiment and sent the pair lower.

Today Advise:Bearish

Key Levels:

PPResistance*1.0926 *1.0972 **1.1011 ***
1.0887Support*1.0841 *1.0802 **1.0756 ***

Weekly forecast

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GBP/USD

Trend Theme:GBP/USD posts modest gains above 1.2700, investors await US GDP data.

Trend Review:The GBP/USD pair posts modest gains during the early Asian trading hours on Thursday. The major pair reclaims above the 1.2700 mark on the back of the risk-on sentiment. Nonetheless, the release of the preliminary US GDP growth numbers for the fourth quarter (Q4) on Thursday might trigger volatility in the market.

Today Advise:Bearish

Key Levels:

PPResistance*1.2768 *1.2819 **1.2863 ***
1.2724Support*1.2673 *1.2629 **1.2578 ***

Weekly forecast

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WTI

Trend Theme:EIA due to a sharp decline in inventories + China cut the reserve ratio, oil prices climbed 1% to nearly a month high.

Trend Review:A sharp drop in U.S. crude oil inventories and economic changes in key crude oil users on Wednesday led to a slight climb in crude oil prices to their highest levels in more than a month, but the contradiction between supply and demand continued to increase.

Today Advise:Bullish

Key Levels:

PPResistance*76.17 *76.92 **78.03 ***
75.06Support*74.32 *73.20 **72.46 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold declines ahead of packed Thursday.

Trend Review:The XAU/USD was spotted at $2,013 on Wednesday session following a sturdy 0.80% downward movement. The daily chart manifests a neutral to bullish stance, however, bulls are are in command in the overall trend.

Today Advise:Bullish

Key Levels:

PPResistance*2028.97 *2045.58 **2054.43 ***
2020.12Support*2003.51 *1994.66 **1978.05 ***

Weekly forecast

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