Picture of Maxain Group
by
on

Maxain Morning Analysis 29/07/2024

EUR/USD

Trend Theme:EUR/USD extends upside above 1.0850, eyes on Eurozone GDP, Fed rate decision.

Trend Review:The EUR/USD pair trades with mild gains around 1.0860 during the early Asian trading hours on Monday. The major pair edges higher as traders widely anticipated the September interest rate cut by the US Federal Reserve in September, which drags the Greenback lower. 

Today Advise:Bullish

Key Levels:

PPResistance*1.08589 *1.08612 **1.08676 ***
1.08548Support*1.08525 *1.08484 **1.0842 ***

Weekly forecast

————————————————————————————————-

USD/JPY

Trend Theme:USD/JPY steadily climbs to 154.35 area amid risk-on mood, lacks follow-through buying.

Trend Review:The USD/JPY pair attracts fresh buyers during the Asian session on Monday and jumps to the 154.35 region in the last hour amid some repositioning trade ahead of this week’s key central bank event risks. 

Today Advise:Bullish

Key Levels:

PPResistance*154.381 *154.49 **154.74 ***
154.24Support*154.131 *153.99 **153.74 ***

Weekly forecast

—————————————————————————————————

WTI

Trend Theme:Oil prices opened higher by more than 1% as rocket attacks on the Golan Heights deepened concerns about the expansion of the Middle East conflict.

Trend Review:Oil prices rose more than 1 percent on Monday, trimming last week’s losses, as concerns grew about a wider conflict in the Middle East following a rocket attack on the Israeli-occupied Golan Heights that Israel and the United States blamed on the Lebanese militant group Hezbollah.

Today Advise:Bullish

Key Levels:

PPResistance*77.021 *77.27 **77.653 ***
76.887Support*76.638 *76.504 **76.121 ***

Weekly forecast

—————————————————————————————————

XAU/USD

Trend Theme:Gold attracts some buyers near $2,400 as US PCE data lifts rate-cut hopes.

Trend Review:Gold price edges higher to $2,395 during the early Asian trading hours on Monday. The yellow metal gains ground on the hope of an interest rate cut by the Federal Reserve in September after cooling US inflation data.

Today Advise:Bullish

Key Levels:

PPResistance*2401.65 *2405.75 **2413.11 ***
2398.39Support*2394.29 *2391.03 **2383.67 ***

Weekly forecast

Ready to trade?

Unleash your trading skills with your Maxain account today!

Easy funding & withdrawals

No deposit fees