Redstone Morning Analysis 03/02/2023

GBP/USD

Trend Theme：GBP/USD bears eye a run to 1.2170, but watch out for the trap.

Trend Review：GBP/USD is on the defensive following a recent break of daily structure that led to a colossal sell-off in the London and New York equities opening hours. GBP/USD fell from a high of 1.2401 to a low of 1.2222 by the close of New York. 

Today Advise：Bearish

Key Levels：

Weekly forecast：

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USD/JPY

Trend Theme：USD/JPY bulls start to move in and eye 129.60.

Trend Review：USD/JPY was forced lower on a bout of US Dollar strength on Thursday in an extension of the drop from the mid-point of the 130s. The price has been supported in the midpoint of the 127s and has left no bias on the carts from an immediate directional perspective until the 129.50s or the aforementioned 127.40s are broken.

Today Advise：Bullish

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Weekly forecast：

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WTI

Trend Theme：Strong dollar weighs on oil, EU-Ukraine summit to focus on non-farm data.

Trend Review：Oil prices fell nearly 1% on Thursday, as U.S. industrial-related factory orders fell, while a stronger U.S. dollar weighed on oil prices; hundreds of U.S. flights were canceled due to the winter storm, which also contributed to the downside risk of oil prices; focus on the European Union during the day -Ukraine summit held, non-farm data.

Today Advise：Bullish

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Weekly forecast：

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XAU/USD

Trend Theme：Gold stares $1,900 as Fed rate pause rumors might offset post-US NFP.

Trend Review：Gold price (XAU/USD) nosedived to near $1,912.00 after a blockbuster recovery move from the US Dollar Index (DXY) on Thursday. The precious metal is staring at the round-level resistance of $1,900.00 as further downside looks possible ahead of the United States Nonfarm Payrolls (NFP) data.

Today Advise：Bearish

Key Levels：

Weekly forecast：