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Maxain Morning Analysis 05/09/2024

EUR/USD

Trend Theme:EUR/USD catches a bullish break, but still trapped below 1.11

Trend Review:

EUR/USD rose on Wednesday as markets sell off Greenback.Markets have tilted into a risk-on position as bets of a Fed rate cut rise.US jobs data rules the market roost as investors look to NFP.

Today Advise:Bearish

Key Levels:

PPResistance*1.1105*1.1128**1.1161***
1.1072Support*1.1049*1.1017**1.0994***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY Price Forecast: Plunges below 144.00 as downtrend resumes

Trend Review:

USD/JPY declines to 143.77, weighed by falling US 10-year Treasury yields and bearish market sentiment.Key support at 143.45 is now in focus, with further downside risks toward the 143.00 and 142.50 levels.Bulls need to reclaim the Kijun-Sen at 148.45 to regain control, with 150.00 acting as a critical resistance.

Today Advise:Bullish

Key Levels:

PPResistance*144.96*146.19**146.81***
144.34Support*143.11*142.49**141.26***

Weekly forecast

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WTI

Trend Theme:Crude oil trading reminder: Demand concerns drag oil prices to a near nine-month low. Do bulls still have a chance?

Trend Review:

Crude oil futures traded volatilely on Wednesday, with the settlement price falling by more than $1 per barrel, hitting a new low since mid-December. Traders are concerned about demand in the coming months, and oil-producing countries are sending mixed signals about increasing supply. From a technical perspective, the MACD and KDJ crosses are running well, and short-term oil prices still have further downside risks. Pay attention to the support near the low of 67.69 on December 13 and the support near the low of 66.79 on June 12, 2023.  

Today Advise:Bullish

Key Levels:

PPResistance*70.36*71.92**72.88***
69.40Support*67.83*66.87**65.31***

Weekly forecast

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XAU/USD

Trend Theme:Gold holds gains but stays below $2,500 ahead of US jobs data

Trend Review:

XAU/USD rises 0.05% to $2,493, with prices rebounding after hitting a daily low of $2,471.Weaker-than-expected US JOLTS report fuels speculation of a 50 bps Fed rate cut in September.Falling US Treasury yields and a softer US Dollar support Gold despite volatile profit-taking throughout the session.

Today Advise:Bullish

Key Levels:

PPResistance*2506.67*2517.73**2535.12***
2489.28Support*2478.22*2460.83**2449.77***

Weekly forecast

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