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Maxain Morning Analysis 18/09/2024

EUR/USD

Trend Theme:EUR/USD stalls out as Fed rate call rounds the corner

Trend Review:

EUR/USD flattened just below 1.1150 on Tuesday.Markets are pulling into the midrange ahead of the Fed’s Wednesday rate call.Markets are still split on the depth of an initial Fed rate cut.

Today Advise:Bullish

Key Levels:

PPResistance*1.1136*1.1159**1.1172***
1.1124Support*1.1101*1.1088**1.1066***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY Price Forecast: Surges over 1% above 142.00

Trend Review:

USD/JPY climbs over 180 pips, testing key resistance at 142.35 .A break above 143.04 could target resistance at 143.15 and 144.48.A drop below 142.00 could see the pair resume its downtrend, with support at 139.58 (YTD low) and 139.00.

Today Advise:Neutral

Key Levels:

PPResistance*143.14*143.88**145.28***
141.73Support*141.00*139.59**138.86***

Weekly forecast

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WTI

Trend Theme:Supply shock + geopolitical situation supports oil price rebound to a two-week high, facing key resistance pressure, pay attention to EIA report

Trend Review:

International oil prices fluctuated in a narrow range, with U.S. crude oil futures for October currently trading around $70.98 per barrel. Crude oil prices rose by about $1 on Tuesday to a nearly two-week high as supply disruptions intensified and geopolitical unrest also supported oil prices. However, market expectations for a 50 basis point rate cut by the Federal Reserve fell slightly, and the U.S. dollar index rebounded sharply, causing oil prices to give up some of their gains.

Today Advise:Neutral

Key Levels:

PPResistance*70.88*71.84**73.01***
69.70Support*68.75*67.57**66.61***

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:Neutral

Key Levels:

PPResistance*2584.02*2598.59**2610.18***
2572.43Support*2557.86*2546.27**2531.70***

Weekly forecast

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