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Maxain Morning Analysis 01/08/2024

USD/CAD

Trend Theme:USD/CAD remains weak near 1.3800 after Fed holds rate steady.

Trend Review:The USD/CAD pair trades on a softer note near 1.3805 during the early Asian session on Thursday. The further downside of the US Dollar after the Federal Reserve decided to hold rates unchanged, drags the pair to the weekly lows.

Today Advise:Sideways

Key Levels:

PPResistance*1.38081 *1.38115 **1.38166 ***
1.38064Support*1.3803 *1.38013 **1.37962 ***

Weekly forecast

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EUR/USD

Trend Theme:EUR/USD cycles familiar levels as NFP jobs dump looms ahead.

Trend Review:EUR/USD churned near key technical levels on Wednesday after the Federal Reserve held rates steady for one last meeting as markets had broadly anticipated. The slow race to September’s Fed rate call kicks off on Friday with the latest print of US Nonfarm Payrolls for July.

Today Advise:Bullish

Key Levels:

PPResistance*1.08318 *1.08341 **1.08408 ***
1.08274Support*1.08251 *1.08207 **1.0814 ***

Weekly forecast

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WTI

Trend Theme:The situation has turned around! The tension in the Middle East has escalated + multiple positive factors, and the oil price has rebounded nearly 5% from the low of nearly two months.

Trend Review:Oil prices rebounded strongly by nearly 5% on Wednesday, away from the nearly two-month low hit on Tuesday. After the Hamas leader was assassinated in Iran, investors worried that the conflict in the Middle East might expand. In addition, U.S. crude oil inventories fell sharply, the Federal Reserve sent a signal of a September interest rate cut to the market, and the U.S. dollar index plummeted, which also provided upward momentum for oil prices.

Today Advise:Bullish

Key Levels:

PPResistance*78.259 *78.312 **78.429 ***
78.195Support*78.142 *78.078 **77.961 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold stands tall near two-week top amid September Fed rate cut bets.

Trend Review:Gold price consolidates the previous day’s strong move up to a two-week high amid bets that the Fed will cut interest rates as early as September. Moreover, geopolitical risks and concerns about a global economic slowdown should continue to benefit the safe-haven XAU/USD.

Today Advise:Bullish

Key Levels:

PPResistance*2447.11 *2447.83 **2449.49 ***
2446.17Support*2445.45 *2444.51 **2442.85 ***

Weekly forecast

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