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Maxain Morning Analysis 29/12/2023

AUD/USD

Trend Theme:AUD/USD recovers its recent losses on improved risk sentiment.

Trend Review:The AUD/USD hovers around 0.6840 on Friday, benefiting from a weakened US Dollar. The pair experienced losses in the previous session as the Greenback gained some ground, possibly linked to upbeat US Treasury yields.  

Today Advise:Bearish

Key Levels:

PPResistance*0.6860 *0.6889 **0.6907 ***
0.6842Support*0.6813 *0.6795 **0.6766 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY rebounds above 141.50 amid the quiet session.

Trend Review:The USD/JPY bounces off its lowest level since July of 140.23 and then rebounds to 141.65 during the early Asian session on Friday. The recovery of the US Dollar and higher US Treasury yields lift the pair. The economic calendar is light amid the thin trading volume on the last trading day of 2023.

Today Advise:Neutral

Key Levels:

PPResistance*142.09 *142.81 **143.73 ***
141.17Support*140.45 *139.53 **138.81 ***

Weekly forecast

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WTI

Trend Theme:Oil prices fell more than 3 percent to their lowest level in more than a week as Red Sea concerns eased.

Trend Review:Crude oil futures were lower on Thursday as more shipping lines expressed willingness to route through the Red Sea, concerns about supply disruptions due to escalating tensions in the Middle East eased, and the market focused on the U.S. Energy Information Administration’s weekly report on crude and refined product inventories.

Today Advise:Bearish

Key Levels:

PPResistance*73.75 *75.46 **76.43 ***
72.78Support*71.06 *70.09 **68.37 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold trades flat above $2,060 amid the quiet session.

Trend Review:Gold price hovers around $2,065 after retracing from $2,088 during the early Asian session on Friday. The rebound in US Dollar and higher US Treasury bond yields weigh on the yellow metal. The downside of gold might be limited amid the anticipation of a rate cut by the Federal Reserve in March 2024.

Today Advise:Bearish

Key Levels:

PPResistance*2081.34 *2096.13 **2103.77 ***
2073.70Support*2058.91 *2051.27 **2036.48 ***

Weekly forecast

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