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Maxain Morning Analysis 12/08/2024

EUR/USD

Trend Theme:EUR/USD appreciates above 1.0900, upside seems limited due to Middle East tensions.

Trend Review:EUR/USD halts its four-day losing streak, trading around 1.0920 during the Asian session on Monday. Traders await the preliminary Gross Domestic Product data for the Eurozone’s second quarter, which is set to be released on Wednesday.

Today Advise:Bearish

Key Levels:

PPResistance*1.09234 *1.09251 **1.09297 ***
1.09205Support*1.09188 *1.09159 **1.09113 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY trims part of modest gains amid geopolitical risks, up a little around 146.75-80 area.

Trend Review:The USD/JPY pair attracts some dip-buyers on the first day of a new week, albeit struggles to find acceptance above the 147.00 mark and capitalize on the move up. Spot prices surrender a major part of the intraday gains and currently trade with a mild positive bias, around the 146.75-146.80 region. 

Today Advise:Sideways

Key Levels:

PPResistance*146.88 *146.951 **147.115 ***
146.787Support*146.716 *146.623 **146.459 ***

Weekly forecast

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WTI

Trend Theme:Oil prices rose to a one-week high, helped by positive economic data and hopes for rate cuts, with attention focused on geopolitical situations and OPEC monthly reports

Trend Review:Oil prices closed higher on Friday, posting a weekly gain of more than 3.5%, as positive economic data and signals from Federal Reserve policymakers that a rate cut could come as early as September eased demand concerns, while worries about a widening conflict in the Middle East continued to increase supply risks.

Today Advise:Bullish

Key Levels:

PPResistance*76.171 *76.234 **76.365 ***
76.103Support*76.04 *75.972 **75.841 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold holds below $2,450, eyes on geopolitical risks and key US economic data this week.

Trend Review:Gold price trades on a negative note around $2,430 during the early Asian session on Monday. The modest recovery of the US Dollar drags the yellow metal lower on the day. However, the downside might be limited amid the heightened geopolitical tensions in the Middle East.

Today Advise:Bullish

Key Levels:

PPResistance*2427.96 *2429.23 **2432.64 ***
2425.82Support*2424.55 *2422.41 **2419 ***

Weekly forecast

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