RedstoneFx Analyst
by
on

Redstone Morning Analysis 03/12/2021

GBP/USD

Trend Theme:GBP/USD clings to 1.3300 as Omicron news battle Brexit fears, US NFP eyed.

Trend Review:Having snapped a three-day downtrend, GBP/USD wobbles around 1.3300 during the initial Asian session trading on the key Friday comprising the US jobs report for November. The cable pair’s improvement could be linked to the market chatters that the UK steps forward to finding the cure to the South African covid variant. 

Today Advise:StronglyBearish

Key Levels:

PPResistance*1.3334 *1.3369 **1.3405 ***
1.3299Support*1.3264 *1.3229 ** 1.3194 ***

Forecast survey

————————————————————————————————-

AUD/USD

Trend Theme:AUD/USD: Bears look to China data for cues.

Trend Review:AUD/USD bears seeking a downside extension with critical data coming up. Chinese data and the US Nonfarm Payrolls will be key events for the pair on Friday. In the daily chart, the weekly lows are illustrated with 0.6990 eyed as a potential target on a break of 0.7030.

Today Advise:Bearish

Key Levels:

PPResistance*0.7114 *0.7135 **0.7150 ***
0.7099Support*0.7077 *0.7062 **0.7041 ***

Forecast survey

—————————————————————————————————

WTI

Trend Theme:WTI: Recovery moves need validation from 200-DMA.

Trend Review:WTI crude oil prices struggle to keep the previous day’s recovery moves from late August around $67.00 during Friday’s Asian session. The black gold’s stated rebound portrays the importance of an upward sloping trend line from March 23 with the oversold RSI conditions suggesting further recovery.  

Today Advise:Bearish

Key Levels:

PPResistance*68.51 *70.28 ** 73.36 ***
65.43Support*63.66 *60.58 **58.82 ***

Forecast survey

—————————————————————————————————

XAU/USD

Trend Theme:Gold: Bears back in control and target the $1750.

Trend Review:The price of gold has been on the backfoot while the greenback consolidates and risk appetite improves. The US stock market has surged back to life with the S&P 500 running up over 1.6% on the day so far.

Today Advise:StronglyBearish

Key Levels:

PPResistance*1780.06 *1792.49 **1801.53 ***
1771.02Support*1758.59 *1749.55 **1737.12 ***

Forecast survey:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^