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Maxain Morning Analysis 13/09/2024

USD/JPY

Trend Theme:USD/JPY slides below mid-141.00s, seems vulnerable near YTD low amid bearish USD

Trend Review:

USD/JPY trades with negative bias for the fourth straight day and hangs near the YTD low.The divergent Fed-BoJ policy expectations turn out to be a key factor weighing on the pair.Investors now look forward to next week’s key central bank event risks for a fresh impetus.

Today Advise:Bearish

Key Levels:

PPResistance*142.67*143.52**143.99***
142.20Support*141.35*140.88**140.03***

Weekly forecast

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EUR/USD

Trend Theme:EUR/USD rises on Greenback weakness as PPI paves the way for Fed cuts

Trend Review:

EUR/USD rallied on a weakening Greenback on Thursday.US PPI inflation data failed to spark any major moves, but remained steady.The market’s Fed-centric tilt continues unabated as the wait for rate cuts rolls on.

Today Advise:Bullish

Key Levels:

PPResistance*1.1098*1.1121**1.1167***
1.1052Support*1.1028*1.0982**1.0959***

Weekly forecast

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WTI

Trend Theme:Oil prices rose about 2% to a near one-week high as the hurricane disrupted U.S. oil production

Trend Review:

International oil prices hovered at a near one-week high, with U.S. crude currently trading around $69.38 a barrel. Oil prices rose about 2% on Thursday as producers assessed the impact on U.S. Gulf of Mexico oil output after Hurricane Francine ravaged offshore oil-producing areas and was later downgraded to a tropical storm.

Today Advise:Bullish

Key Levels:

PPResistance*69.45*70.45**71.86***
68.05Support*67.05*65.64**64.64***

Weekly forecast

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XAU/USD

Trend Theme:Gold price hits all-time high as Fed rate cut speculation grows

Trend Review:

Gold hits new all-time high as US jobless claims and producer inflation data reinforce a likely Fed rate cut.US Dollar Index (DXY) falls 0.29%, while US Treasury yields rise, with the 10-year T-note at 3.689%.CME FedWatch Tool shows an 85% chance of a 25 bps Fed rate cut, further boosting Gold’s appeal in a low-rate environment.

Today Advise:Bullish

Key Levels:

PPResistance*2575.57*2592.37**2624.59***
2543.35Support*2526.55*2494.33**2477.53***

Weekly forecast

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