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Maxain Morning Analysis 15/08/2024

EUR/USD

Trend Theme:EUR/USD finds thin gains and a seven-month peak on Wednesday.

Trend Review:EUR/USD caught a brief rally into a fresh seven-month peak bid before easing back toward the 1.1000 handle on Wednesday. Fiber caught a run over 1.1000 and into the 1.1050 level after pan-EU Gross Domestic Product growth figure printed exactly as expected.

Today Advise:Bullish

Key Levels:

PPResistance*1.10134 *1.10146 **1.10171 ***
1.10121Support*1.10109 *1.10096 **1.10071 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY consolidates in a familiar rage, holds comfortably above 147.00 mark..

Trend Review:The USD/JPY pair struggles to capitalize on the previous day’s goodish rebound from the 146.00 round figure, or the weekly low and oscillates in a narrow trading band during the Asian session on Thursday. Spot prices, however, hold comfortably above the 147.00 mark.

Today Advise:Bullish

Key Levels:

PPResistance*147.376 *147.452 **147.63 ***
147.274Support*147.198 *147.096 **146.918 ***

Weekly forecast

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WTI

Trend Theme:Oil prices settle 1% lower after a surprise build in U.S. crude inventories fueled demand concerns.

Trend Review:It closed 1% lower on Wednesday after a surprise build in U.S. crude inventories and slightly easing concerns that a widening conflict in the Middle East could threaten supplies from the world’s main crude-producing regions.

Today Advise:Bullish

Key Levels:

PPResistance*76.24 *76.337 **76.507 ***
76.167Support*76.07 *75.997 **75.827 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold trades with mild gains near $2,450, eyes on US Retail Sales.

Trend Review:Gold price edges higher to nearly $2,450, snapping the two-day losing streak during the early Asian session on Thursday. The weaker US Dollar provides some support for the precious metal on the day. 

Today Advise:Bearish

Key Levels:

PPResistance*2452.7 *2455.2 **2459.5 ***
2450.9Support*2448.4 *2446.6 **2442.3 ***

Weekly forecast

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