RedstoneFx Analyst
by
on

Redstone Morning Analysis 08/1/2021

GBP/USD

Trend Theme:GBP/USD fades recovery moves below 1.3600 as risks dwindle.

Trend Review:GBP/USD fizzles the corrective pullback from 1.3532, eyes extending two-day losing streak. Covid woes remain dominant in the UK and the US, policymakers from America eye pushing Trump out of the White House. Vaccinations keep traders hopeful, US stimulus eyed, NFP to decorate the calendar.

Today Advise:Bearish

Key Levels:

PPResistance*1.3622 *1.3678 **1.3723 ***
1.3577Support*1.3521 *1.3476 **1.3420 ***

Position Datas:

—————————————————————————————————

USD/JPY

Trend Theme:USD/JPY extends biggest gains since November towards 104.00 amid risk-on mood.

Trend Review:USD/JPY picks up bids near 103.92, up 0.08% intraday, during early Friday. The yen pair jumped the most since early November the previous day after Japanese Prime Minister (PM) Yoshihide Suga announced an emergency in Tokyo and three surrounding areas due to the coronavirus (COVID-19).

Today Advise:Bullish

Key Levels:

PPResistance*104.22 *104.59 **105.22 ***
103.58Support*103.21 *102.58 **102.20 ***

Position Datas:

—————————————————————————————————

WTI-OIL

Trend Theme:WTI: Flirts with $51.00 inside immediate rising wedge.

Trend Review:WTI wavers around $51.00, currently up 0.10 intraday, during Friday’s Asian session. In doing so, the oil benchmark stays near the highest levels in 11 months while also portraying a bearish chart pattern on the hourly (1h) play.

Today Advise:StronglyBullish

Key Levels:

PPResistance*51.42 *51.84 **52.38 ***
50.88Support*50.46 * 49.92 **49.50 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold picks up bids above $1,900 with eyes on US NFP, stimulus.

Trend Review:Gold prices snap two-day-losing streak but lacks momentum strength. US policymakers push for Trump impeachment, Sino-American tussle continues. Democratic hint for $2,000 paychecks eyed, US December jobs report also in focus.

Today Advise:Bearish

Key Levels:

PPResistance*1925.20 *1936.88 **1946.00 ***
1916.08Support*1904.40 *1895.28 **1883.60 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^