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Maxain Morning Analysis 29/10/2024

EUR/USD

Trend Theme:EUR/USD flat lines above 1.0800 as traders await fresh catalysts

Trend Review:The EUR/USD pair holds steady around 1.0810 on the consolidation of the US Dollar during the early Asian session on Tuesday. Investors await Germany’s GfK Consumer Confidence data, which is due later on Tuesday. 

Today Advise:Bearish

Key Levels:

PPResistance*1.0833 *1.0853 **1.08728***
1.0807Support*1.0787*1.0762 **1.0741***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY pulls back from multi-month top; BoJ rate-hike uncertainty to limit losses

Trend Review:USD/JPY ticks lower in reaction to an unexpected downtick in the Japanese unemployment rate for September, to 2.4%. However, any meaningful corrective slide from a three-month top seems elusive amid the BoJ uncertainty. The loss of a parliamentary majority for Japan’s ruling coalition adds a layer of uncertainty over the Bank of Japan’s ability to hike interest rates further.

Today Advise:Bearish

Key Levels:

PPResistance*154.01 *154.74 **155.60 ***
153.16Support*152.43*151.57**150.85 ***

Weekly forecast

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WTI

Trend Theme:WTI nosedives more than 5% as Israel spares Iran Oil facilities from assault

Trend Review:The Oil price plunges more than 5% as Israel didn’t attack Oil facilities in Iran over the weekend. Investors await the Q3 GDP data from the Eurozone and the US to get cues about the current status of global economic health. US Trump vowed to hike import tariffs by 60% on China.

Today Advise:Bearish

Key Levels:

PPResistance*70.67 *73.48 **75.40 ***
68.74Support*65.93 *64.00 **61.19 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold price lacks firm near-term direction; holds steady around $2,740 area

Trend Review:Gold price remains confined in a familiar range held over the past week or so and is influenced by a combination of diverging forces. Geopolitical risks, along with the US political uncertainty, continue to offer some support to the safe-haven XAU/USD. 

Today Advise:Bearish

Key Levels:

PPResistance*2751.68 *2760.89 **2774.35 ***
2738.22Support*2729.01 *2715.55 **2706.34 ***

Weekly forecast

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