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Maxain Morning Analysis 28/11/2023

GBP/USD

Trend Theme:GBP/USD consolidates above 1.2600.

Trend Review:Boosted by a weaker US Dollar, GBP/USD is holding firm above 1.2600 and trading at the highest level in two months. The pair reached a peak on Monday at 1.2645 before retracing and finding support at 1.2600.

Today Advise:Bullish

Key Levels:

PPResistance*1.2652 *1.2675 **1.2706 ***
1.2622Support*1.2599 *1.2569 **1.2546 ***

Weekly forecast

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USD/JPY

Trend Theme:Japanese Yen strengthens further against USD amid divergent BoJ-Fed policy expectations.

Trend Review:The Japanese Yen continues to draw support from hawkish BoJ expectations. A softer risk tone further seems to benefit the JPY’s relative safe-haven status. Fed rate cut bets drag the USD closer to the monthly low and weigh on USD/JPY.

Today Advise:Bearish

Key Levels:

PPResistance*149.36 *150.08 **150.49 ***
148.95Support*148.22 *147.82 **147.09 ***

Weekly forecast

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WTI

Trend Theme:Oversupply expectations are hanging over the oil market, and oil prices remain under pressure ahead of the OPEC+ meeting.

Trend Review:Crude oil prices remained under pressure on Monday as investors awaited this week’s OPEC+ meeting and anticipated supply constraints through 2024.

Today Advise:Bearish

Key Levels:

PPResistance*76.18 *77.29 **78.30 ***
75.17Support*74.06 *73.05 **71.94 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold climbs to a six-month highs near $2,015 on the USD weakness, eyes on the US data.

Trend Review:Gold extends the rally above the $2,000 key level during the early Asian trading hours on Tuesday. The yellow metal climbs to a six-month high amid the softer US Dollar and the lower US Treasury bond yields. XAU/USD price trades near $2,015, losing 0.01% on the day.

Today Advise:Bullish

Key Levels:

PPResistance*2021.53 *2028.64 **2039.08 ***
2011.09Support*2003.98 *1993.54 **1986.43 ***

Weekly forecast

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