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Maxain Morning Analysis 01/10/2024

EUR/USD

Trend Theme:EUR/USD churns in familiar territory ahead of EU inflation print

Trend Review:

EUR/USD struggles to find fresh bids as price action holds near 1.1150.Key EU inflation print due early Tuesday, investors on the lookout for looming NFP.Fed speakers knock back early expectations of further jumbo cuts.

Today Advise:Sideways

Key Levels:

PPResistance*1.1191*1.1248**1.1287***
1.1153Support*1.1096*1.1057**1.1001***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY bulls look to seize control above 144.00, focus remains on key US macro data

Trend Review:

USD/JPY attracts some follow-through buyers for the second straight day on Tuesday.Fed Chair Powell’s hawkish remarks on Monday underpin the USD and lend support.The uncertainty over the BoJ’s rate-hike path contributes to the modest intraday uptick.

Today Advise:Bearish

Key Levels:

PPResistance*144.49*145.33**146.75***
143.07Support*142.22*140.80**139.95***

Weekly forecast

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WTI

Trend Theme:Crude Oil dips lower with traders ignoring geopolitical unrest

Trend Review:

Crude Oil set to enter this Monday’s trading session with negative numbers. Geopolitical tensions are on the forefront with intensified attacks in Lebanon over the weekend. The US Dollar Index holds near yearly lows ahead of Fed Chairman Powell’s speech later on Monday. 

Today Advise:Sideways

Key Levels:

PPResistance*69.04*69.94**70.76***
68.22Support*67.32*66.50**65.59***

Weekly forecast

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XAU/USD

Trend Theme:Gold price tumbles below $2,650, Fed signals gradual easing

Trend Review:

Gold prices fall for the second consecutive day, down 0.6%, despite falling US Treasury yields and rising geopolitical risks.The US Dollar Index rises as Fed Chair Powell signals two more 25 bps rate cuts for 2024, dampening Gold’s momentum.Despite recent losses, Gold remains up over 5.40% for September, marking its best monthly performance since March 2024.

Today Advise:Sideways

Key Levels:

PPResistance*2658.91*2683.12**2700.18***
2641.85Support*2617.64*2600.58**2576.37***

Weekly forecast

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