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Maxain Morning Analysis 28/10/2024

EUR/USD

Trend Theme:EUR/USD: It’s all about economic growth

Trend Review:The EUR/USD pair fell to an almost four-month low of 1.0760 on Wednesday but managed to recover the 1.0800 mark to set a handful of pips above the level at the end of the week. The US Dollar maintained its positive momentum throughout the first half of the last week, led by a dismal market mood, but later lost some ground.

Today Advise:Bearish

Key Levels:

PPResistance*1.0825 *1.0855 **1.0872 ***
1.0809Support*1.0779*1.0763 **1.0733 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen traders remain on the sidelines ahead of Japan’s general election on Sunday

Trend Review:The Japanese Yen stalls the overnight recovery move from a multi-month low amid BoJ uncertainty. Mixed Tokyo consumer inflation figures and a positive risk tone also undermine the safe-haven JPY. Bets for less aggressive Fed easing revive the USD demand and offer some support to the USD/JPY.

Today Advise:Bullish

Key Levels:

PPResistance*152.64 *152.97 **153.56 ***
152.04Support*151.71 *151.12**150.78 ***

Weekly forecast

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WTI

Trend Theme:Crude Oil jumps over 1% and pops back above $71

Trend Review:Crude Oil dips back near $71.00 as markets price in a fresh string of events in Israel. US Secretary of State Blinken tries to step up diplomatic efforts, attempting to broker deal in favor of Harris. The US Dollar Index finds support at 104.00 ahead of US Durable Goods.

Today Advise:Bearish

Key Levels:

PPResistance*72.28 *73.00 **74.20 ***
71.08Support*70.35 *69.16 **68.43 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold holds below $2,750, potential downside seems limited

Trend Review:Gold price edges lower to near $2,735, snapping the two-day losing streak during the early Asian session on Monday. However, the downside of the precious metal might be limited amid the ongoing geopolitical tensions and uncertainties surrounding the US presidential election. 

Today Advise:Bearish

Key Levels:

PPResistance*2757.80 *2768.15 **2788.48 ***
2737.47Support*2727.12 *2706.79 **2696.44 ***

Weekly forecast

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