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Maxain Morning Analysis 03/09/2024

EUR/USD

Trend Theme:EUR/USD finds floor to arrest pullback, but downside pressures remain

Trend Review:

EUR/USD found a foothold near 1.1050 on quiet Monday.US markets were dark to kick off trading week, bringing thin volumes.Key EU data this week threatens to get overshadowed by US NFP.

Today Advise:Bearish

Key Levels:

PPResistance*1.1068*1.10698**1.10734***
1.10662Support*1.10644*1.10626**1.1059***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY Price Forecast: Surges to two-week peak, shy of 147.00

Trend Review:

USD/JPY closed August above Kijun-Sen and Ichimoku Cloud, showing buyer strength; break above 152.00 needed to target YTD high of 161.95.Pair consolidates within 140.78-147.30 range inside Ichimoku Cloud, indicating potential for sideways trading. Break above 149.39 required for uptrend continuation; a dip to 141.69 could test Kumo bottom at 140.78.Buyer momentum picking up, targeting Kijun-Sen at 148.46. Watch resistance at 147.00 and 148.00; a fall below Senkou Span A at 146.90 may lead to levels at 146.00 and Tenkan-Sen at 145.31, nearing the 145.00 support.

Today Advise:Bullish

Key Levels:

PPResistance*146.918*147.005**147.219***
146.791Support*146.704*146.577**146.363***

Weekly forecast

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WTI

Trend Theme:WTI holds below $73.50 amid slow China demand, halted Libyan exports

Trend Review:

WTI attracts some sellers near $73.30 in Tuesday’s early Asian session. China’s manufacturing activity slowed in August, weighing on the WTI price. Halted Libyan exports and higher Fed rate cut expectations might cap the WTI’s downside. 

Today Advise:Bullish

Key Levels:

PPResistance*73.521*73.59**73.765***
73.415Support*73.346*73.24**73.065***

Weekly forecast

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XAU/USD

Trend Theme:Gold price stumbles below $2,500 as market participants eye NFP report

Trend Review:

Gold prices fall during a quiet North American session with US markets closed for Labor Day.Upcoming US economic reports — ISM PMIs, JOLTS job openings, ADP Employment Change, and Nonfarm Payrolls — set to influence Fed rate decision.Fed Chair Powell at Jackson Hole noted that inflation was easing but increasing employment risks, raising recession concerns.Geopolitical tensions linger as President Biden may propose a ceasefire deal between Israel and Hamas, potentially affecting markets.

Today Advise:Bullish

Key Levels:

PPResistance*2497.58*2498.41**2500.06***
2496.76Support*2495.93*2495.11**2493.46***

Weekly forecast

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