Picture of Maxain Analyst
by
on

Maxain Morning Analysis 29/02/2024

AUD/USD

Trend Theme:AUD/USD clings to recovery gains near 0.6500 after mixed Australian data.

Trend Review:AUD/USD is consolidating its rebound near 0.6500 in Asian trading on Thursday. The pair keeps its range following the release of the mixed Australian Retail Sales and Q4 Private Capex data, as the US Dollar stays on the backfoot ahead of the key US PCE inflation data. 

Today Advise:Bullish

Key Levels:

PPResistance*0.6534 *0.6572 **0.6595 ***
0.6511Support*0.6473 *0.6451 **0.6412 ***

Weekly forecast

————————————————————————————————-

EUR/USD

Trend Theme:EUR/USD continues sideways grind as markets await key US PCE inflation numbers.

Trend Review:EUR/USD sagged early Friday after European sentiment indicators came in below expectations, and a lopsided print in US Gross Domestic Product (GDP) figures kept the pair in familiar territory midweek.

Today Advise:Bearish

Key Levels:

PPResistance*1.0858 *1.0878 **1.0908 ***
1.0827Support*1.0808 *1.0777 **1.0757 ***

Weekly forecast

—————————————————————————————————

WTI

Trend Theme:The Federal Reserve remained cautious on the issue of interest rate cuts, EIA crude oil inventories increased, and oil prices fell back after surging.

Trend Review:U.S. crude oil futures fell on Wednesday, although OPEC+ may extend production cuts to support oil prices surged to a near 3-1/2 month high, but the Federal Reserve policy makers stick to the view of the near-term cut in interest rates, and the increase in U.S. crude inventories further pressure, oil prices gave up gains in late trade.

Today Advise:Bullish

Key Levels:

PPResistance*79.08 *80.05 **80.83 ***
78.30Support*77.33 *76.55 **75.58 ***

Weekly forecast

—————————————————————————————————

XAU/USD

Trend Theme:Gold rises as US Treasury yields fall before key US inflation report.

Trend Review:Gold price remains steady near $2,030 on Wednesday, posting a gain of 0.17% after the US Bureau of Economic Analysis (BEA) revealed the country’s economy expanded. A drop in US Treasury bond yields has kept the yellow metal near the current month and weekly highs, capped by the 50-day Simple Moving Average (SMA). 

Today Advise:Bullish

Key Levels:

PPResistance*2039.68 *2045.53 **2053.08 ***
2032.13Support*2026.28 *2018.73 **2012.88 ***

Weekly forecast

Ready to trade?

Unleash your trading skills with your Maxain account today!

Easy funding & withdrawals

No deposit fees