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Maxain Morning Analysis 29/11/2023

EUR/USD

Trend Theme:EUR/USD settling back after testing 15-week high above 1.1000.

Trend Review:The EUR/USD is easing back into the 1.0980 neighborhood after tipping into a 15-week high just above 1.1000, bolstered by a broad-market uptick in risk appetite, pushing the US Dollar down across the board and into the red against all other major currencies on Tuesday.

Today Advise:Bullish

Key Levels:

PPResistance*1.1020 *1.1052 **1.1095 ***
1.0977Support*1.0946 *1.0903 **1.0871 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY rallies to its highest level since September 14.

Trend Review:The Japanese Yen continues to benefit from the prevalent US Dollar selling bias, with the USD/JPY pair dropping below the 147.00 mark for the first time since September 14 during the Asian session on Wednesday.

Today Advise:Bearish

Key Levels:

PPResistance* 148.43 *149.39 **149.94 ***
147.88Support*146.93 *146.37 **145.42 ***

Weekly forecast

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WTI

Trend Theme:The dollar continued to weaken and OPEC+ optimism boosted the market, sending oil prices back up more than 2 percent.

Trend Review:Oil prices rose yesterday as sentiment was buoyed by a weaker dollar and optimism that major oil producers could extend ongoing production cuts at the OPEC+ meeting later this week, with crude rising more than 2%..

Today Advise:Bearish

Key Levels:

PPResistance*77.42 *78.41 **79.75 ***
76.08Support*75.10 *73.76 **72.77 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold rally extends into $2,040 as Fedspeak sparks Fed pivot bets.

Trend Review:Gold price climbed on Tuesday in their best single-day performance in over six weeks, climbing 1.5% on the day and settling at a seven-month peak of $2,044. Markets saw a risk rally as investor sentiment bid up assets across the board, sparked by Dovish Fed comments that sent Gold climbing on the day.

Today Advise:Bullish

Key Levels:

PPResistance*2052.36 *2063.48 **2083.88 ***
2031.96Support*2020.84 *2000.44 **1989.32 ***

Weekly forecast

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