RedstoneFx Analyst
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Redstone Morning Analysis 06/1/2021

GBP/USD

Trend Theme:GBP/USD: Bulls eye two-week-old previous support above 1.3600.

Trend Review:GBP/USD keeps upside break of 50-HMA despite recent consolidation from 1.3642. Bullish MACD, sustained trading beyond 100-HMA direct bulls to an ascending trend line from December 22.

Today Advise:Bullish

Key Levels:

PPResistance*1.3661 *1.3696 **1.3749 ***
1.3608Support*1.3573 *1.3520 **1.3485 ***

Position Datas:

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USD/CAD

Trend Theme:USD/CAD: Bears keep four-month-old support line on radar.

Trend Review:USD/CAD retraces from fresh low since April 2018, marked on Tuesday. The absence of oversold RSI, sustained trading below 21-day SMA favor sellers. Downward sloping trend line from October 29 adds to the upside barriers.

Today Advise:Bullish

Key Levels:

PPResistance*1.2759 *1.2843 **1.2895 ***
1.2708Support*1.2624 *1.2572 **1.2489 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI consolidates OPEC+ led gains around $50.00 after API inventories.

Trend Review:WTI bulls catch a breather around $50.00 on downbeat private oil inventory data during Wednesday’s early Asian trading. The oil benchmark jumped to the fresh high in nearly 10 months after the OPEC+ decision.

Today Advise:Bearish

Key Levels:

PPResistance*51.07 *52.11 **53.98 ***
49.20Support*48.16 *46.29 **45.25 ***

Position Datas:

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XAUUSD

Trend Theme:Gold eases from session highs, eyes 5-day SMA support.

Trend Review:Gold has backed off from multi-month highs. The 4-hour chart shows a bearish divergence of the Relative Strength Index (RSI). As such, the yellow metal could visit the ascending 5-day Simple Moving Average (SMA) support at $1,927.

Today Advise:Bullish

Key Levels:

PPResistance*1956.93 *1964.31 **1975.59 ***
1945.65Support*1938.27 *1926.99 **1919.61 ***

Position Datas:

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