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Maxain Morning Analysis 27/09/2024

EUR/USD

Trend Theme:EUR/USD rebounds on Thursday after midweek pullback

Trend Review:

EUR/USD recovered ground on Thursday, sticking close to near-term highs.Despite recovery, Fiber remains on the south side of 1.1200.US PCE inflation to be the week’s key data print.

Today Advise:Bullish

Key Levels:

PPResistance*1.1202*1.1228**1.1266***
1.1164Support*1.1139*1.1101**1.1075***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY holds above 145.00 after the Tokyo CPI inflation data

Trend Review:

USD/JPY gather strength around 145.20 in Friday’s early Asian session, gaining 0.26% on the day. Tokyo CPI rose 2.2% YoY in September vs. a 2.6% rise prior.The US August core PCE data will be closely monitored.

Today Advise:Bearish

Key Levels:

PPResistance*145.33*145.82**146.43***
144.72Support*144.22*143.62**143.12***

Weekly forecast

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WTI

Trend Theme:Crude Oil tests pivotal support on plunge after Saudi Arabia gives up $100 target

Trend Review:

Crude Oil is nosediving, already down over 3.00% on Thursday.  Additional China stimulus outpaced by Saudi Arabia rumors and a ceasefire proposal on Lebanon. The US Dollar Index holds steady ahead of a very volatile data calendar, with the Fed’s Powell speech in focus.

Today Advise:Bullish

Key Levels:

PPResistance*69.15*71.00**72.18***
67.98Support*66.13*64.95**63.11***

Weekly forecast

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XAU/USD

Trend Theme:Gold breaks $2,670 fueled by China’s stimulus, geopolitics

Trend Review:

Gold reaches an all-time high of $2,685, buoyed by China’s stimulus and Middle East tensions.Despite strong US Dollar, Fed’s recent 50 bps rate cut fuels bullish sentiment for continued gains in Bullion.US economic data points to a ‘soft landing’ scenario, keeping market optimism high for further Gold upside.

Today Advise:Sideways

Key Levels:

PPResistance*2687.00*2701.57**2717.63***
2670.94Support*2656.37*2640.31**2625.74***

Weekly forecast

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