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Maxain Morning Analysis 03/10/2024

EUR/USD

Trend Theme:EUR/USD extends declines in wide-market Greenback rebound

Trend Review:

EUR/USD declined for a fourth straight day on Wednesday.Market sentiment keeps one foot in safe havens amid geopolitical uncertainty.Upbeat US jobs data limits hopes for further overweighted Fed rate cuts.

Today Advise:Sideways

Key Levels:

PPResistance*1.1074*1.1104**1.1124***
1.1053Support*1.1024*1.1003**1.0974***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY Price Forecast: Skyrockets over 200-pips on Japan’s PM comments

Trend Review:

USD/JPY surges over 2%, rallying from a low of 143.42 following comments from Japan’s Prime Minister Ishiba.The pair breaks significant resistance, including the 50-DMA at 145.53, now trading near 146.47.For a bearish reversal, USD/JPY needs to drop below the 50-DMA, with 145.00 as the subsequent key support.

Today Advise:Bearish

Key Levels:

PPResistance*147.51*148.56**150.61***
145.47Support*144.42*142.38**141.33***

Weekly forecast

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WTI

Trend Theme:WTI drifts higher above $70.50 on fears over Middle East supply disruptions

Trend Review:

WTI gains traction to near $70.60 in Thursday’s early Asian session. Middle East geopolitical tensions lift WTI price.Large US crude inventories built last week might cap the upside for WTI. 

Today Advise:Sideways

Key Levels:

PPResistance*72.09*73.42**74.63***
70.87Support*69.54*68.32**66.99***

Weekly forecast

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XAU/USD

Trend Theme:Gold declines amid rising US yields, as Israel vows retaliation

Trend Review:

Gold price slumps on Wednesday amid heightened tensions between Israel and Iran.A robust ADP National Employment Change report could be a prelude to an upbeat NFP.Nonfarm Payrolls data on Friday is expected to show 140K new US jobs in September.

Today Advise:Sideways

Key Levels:

PPResistance*2667.74*2676.74**2690.01***
2654.47Support*2645.47*2632.20**2623.20***

Weekly forecast

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