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Maxain Morning Analysis 28/12/2023

EUR/USD

Trend Theme:EUR/USD holds higher ground above 1.1100, focus shifts to US data.

Trend Review:EUR/USD  extends the rally above the 1.1100 psychological mark during the Asian session on Thursday. A broadly weaker US Dollar lends some support to the major pair, despite a rebound in the US Treasury bond yields. Focus shifts to the mid-tier US jobs data. 

Today Advise:Bullish

Key Levels:

PPResistance*1.1143 *1.1180 **1.1237 ***
1.1086Support*1.1049 *1.0992 **1.0955 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY drops near 141.30 after improved Japan trade data, US labor, housing data eyed.

Trend Review:USD/JPY continues its losing streak for the second straight session, trading lower around 141.30 during the Asian hours on Thursday. The improved Japanese trade data for November put pressure on the pair. However, the less aggressive remarks from the Bank of Japan Governor Kazuo Ueda could weigh on the Japanese Yen.

Today Advise:Bearish

Key Levels:

PPResistance*142.59 *143.37 **143.89 ***
142.07Support*141.29 *140.77 **139.99 ***

Weekly forecast

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WTI

Trend Theme:Oil prices fell more than 2 percent as some companies resumed Red Sea routes.

Trend Review:Optimism remained on Wednesday about a possible interest rate cut in the United States, which could spur economic growth and increase fuel demand, while international crude oil futures settled down nearly 2 percent as shipping continued to pass through the Red Sea, despite concerns about developments there.

Today Advise:Bearish

Key Levels:

PPResistance*75.13 *76.32 **76.93 ***
74.52Support*73.33 *72.72 **71.53 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price extends the winning streak toward $2,100.

Trend Review:Having posted a record close above $2,070 on Wednesday, Gold price is extending its winning streak toward $2,100 in Asian trading on Thursday. Increased dovish Fed pivot bets and strong US bond auctions keep weighing on the US Treasury bond yields and the US Dollar. 

Today Advise:Bullish

Key Levels:

PPResistance*2087.97 *2097.73 **2110.94 ***
2074.76Support*2065.00 *2051.79 **2042.03 ***

Weekly forecast

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