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Maxain Morning Analysis 27/11/2023

GBP/USD

Trend Theme:GBP/USD hovers around 1.2500 with a positive tone amid hawkish BoE.

Trend Review:GBP/USD trades around 1.2500 during the Asian session on Monday, attempting to extend gains for the third consecutive session. The GBP/USD pair received upward support from the hawkish tone of Bank of England’s (BoE) officials.

Today Advise:Bullish

Key Levels:

PPResistance*1.2643 *1.2674 **1.2733 ***
1.2584Support*1.2552 *1.2493 **1.2461 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY extends the range-bound theme around 149.50 ahead of the US housing data.

Trend Review:The USD/JPY pair maintains the multi-session range-bound theme unchanged around the mid-149.00s during the early Asian session on Monday. In the absence of top-tier economic data released from the Japanese docket this week, the USD/JPY pair remains at the mercy of USD price dynamics. 

Today Advise:Bearish

Key Levels:

PPResistance*149.72 *149.98 **150.24 ***
149.46Support*149.21 *148.95 **148.69 ***

Weekly forecast

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WTI

Trend Theme:Oil prices held above $80 as the market awaited an OPEC+ deal this week.

Trend Review:Oil prices were little changed on Monday, with Brent holding above $80 a barrel, as investors awaited a deal at an Opec + meeting later this week to limit supply until 2024..

Today Advise:Bearish

Key Levels:

PPResistance*76.63 *77.66 **78.20 ***
76.09Support*75.06 *74.52 **73.49 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold trades near $2,010 after retreating from a six-month high.

Trend Review:Gold price trims some of its intraday gains during the Asian session on Monday, pulling back from a six-month high at $2,018 per troy ounce. Yellow metal may receive support on the positive sentiment as PBoC boosts financial support for private firms.

Today Advise:Bullish

Key Levels:

PPResistance*2006.82 *2011.28 **2018.93 ***
1999.17Support*1994.71 *1987.06 **1982.60 ***

Weekly forecast

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