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Maxain Morning Analysis 22/08/2024

EUR/USD

Trend Theme:EUR/USD finds fresh 13-month high as Greenback pummeling continues.

Trend Review:EUR/USD breached into a fresh 13-month peak on Wednesday, testing north of 1.1150 as the pair continues to grind its way toward 1.1200. Markets are selling off the Greenback across the board as investor confidence in a September rate cut rises to dizzying highs.

Today Advise:Bullish

Key Levels:

PPResistance*1.11552 *1.11586 **1.1164 ***
1.11532Support*1.11498 *1.11478 **1.11424 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY holds positive ground above 145.00 despite firmer Fed rate cut expectations.

Trend Review:USD/JPY trades on a stronger note around 145.35 during the early Asian session on Thursday. A record of Japan’s trade deficit data has dragged the Japanese Yen lower and supported USD/JPY. On Friday, traders will closely watch BoJ Governor Kazuo Ueda’s speech and the Fed Chair Jerome Powell’s speech at Jackson Hole.

Today Advise:Bullish

Key Levels:

PPResistance*145.408 *145.532 **145.891 ***
145.173Support*145.049 *144.814 **144.455 ***

Weekly forecast

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WTI

Trend Theme:U.S. employment data was significantly revised down, and oil prices fell for four consecutive days to a new low in more than half a year.

Trend Review:Oil prices fell $1 a barrel on Wednesday, extending their decline for a fourth straight session and hitting a more than six-month low, after the U.S. government sharply downgraded a set of closely watched employment statistics, exacerbating demand concerns.

Today Advise:Bearish

Key Levels:

PPResistance*71.828 *71.904 **72.074 ***
71.734Support*71.658 *71.564 **71.394 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold consolidates near all-time peak amid Fed rate-cut optimism.

Trend Review:Gold price holds above the $2,500 mark during the Asian session on Thursday and remains close to the all-time peak, though the upbeat market mood continues to act as a headwind. Traders also prefer to wait for Fed Chair Jerome Powell’s speech on Friday.

Today Advise:Bearish

Key Levels:

PPResistance*2513.7 *2515.64 **2519.2 ***
2512.08Support*2510.14 *2508.52 **2504.96 ***

Weekly forecast

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