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Maxain Morning Analysis 29/08/2024

EUR/USD

Trend Theme:EUR/USD pares recent gains, poised for further downside

Trend Review:

EUR/USD slipped back below 1.1150 as bidders struggle to maintain balance.A breakdown in bullish market sentiment is giving the Greenback room to breathe.EU and US inflation prints due at the end of the week to dominate investor attention.

Today Advise:Bearish

Key Levels:

PPResistance*1.11339*1.11368**1.11447***
1.11289Support*1.1126*1.1121**1.11131***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY Price Forecast:  Climbs amid strong US Dollar, eyes 145.00

Trend Review:

USD/JPY rises 0.50%, crossing 144.00; downtrend persists with limited momentum for further gains.Key resistance at 145.00 crucial for bullish continuation; next targets at 146.39, 146.48, and 148.84.If 145.00 isn’t breached, may retest 144.00 with supports at 143.44 (August 26 low) and 141.69 (August 5 low).

Today Advise:Bullish

Key Levels:

PPResistance*144.59*144.691**144.955***
144.427Support*144.326*144.163**143.899***

Weekly forecast

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WTI

Trend Theme:WTI edges lower to near $75.00 amid China demand concerns, Libya supply risks might cap its downside

Trend Review:

WTI price loses ground near $75.15 in Thursday’s early Asian session. Soft demand in China weighs on the WTI price. The threat of supply disruptions in Libya and Middle East geopolitical risks might cap the downside. 

Today Advise:Sideways

Key Levels:

PPResistance*75.674*75.738**75.888***
75.588Support*75.524*75.438**75.288***

Weekly forecast

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XAU/USD

Trend Theme:Gold falls back to $2,500 on USD recovery

Trend Review:

Gold is correcting back as the US Dollar recovers from year-to-date lows.Mixed US economic data is making the market cautious about whether the Fed will cut by 0.50% in September.The heavy long positioning in Gold is a further headwind for bulls trying to push the price higher. 

Today Advise:Bearish

Key Levels:

PPResistance*2517.25*2519.67**2526.77***
2512.57Support*2510.15*2505.47**2498.37***

Weekly forecast

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