RedstoneFx Analyst
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Redstone Morning Analysis 1/3/2021

GBP/USD

Trend Theme: GBP/USD: 21-day EMA defends bulls amid UK stimulus hopes.

Trend Review:GBP/USD sellers catch a breather around 1.3935-40 amid the initial Asian session trading on Monday. UK Chancellor Sunak is up for five billion pound help to British businesses. Immediate EMA, multiple support lines test two-day downtrend.

Today Advise:Bullish

Key Levels:

PPResistance*1.4009 *1.4089 **1.4149 ***
1.3950Support*1.3869 *1.3810 **1.3730 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD bounces back above 0.7750.

Trend Review:AUD/USD bounces from three-week low flashed on Friday. RBA’s surprise bond purchase, upbeat US data portrayed heaviest decline since March 18, 2020. Treasury yields, US stimulus headlines and month-start activity numbers will be the key.

Today Advise:Bullish

Key Levels:

PPResistance*0.7822 *0.7949 **0.8015 ***
0.7757Support*0.7630 *0.7564 **0.7437 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI remains supported above $62.00, but weighed by buoyant US dollar.

Trend Review:A buoyant US dollar into the month-end is weighing on USD-priced crude oil markets on the final trading day of the week. On the day, front-month futures contracts for the American benchmark for sweet light crude, called West Texas Intermediary or WTI, have slipped more than $1.0 and back into the low $62.00s.

Today Advise:Bullish

Key Levels:

PPResistance*62.90 *64.35 **65.18 ***
62.08Support*60.63 *59.80 **58.36 ***

Position Datas:

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XAUUSD

Trend Theme:Gold corrects to the 50% mean reversion target.

Trend Review:Gold prices have corrected a significant portion of the latest bearish impulse. Failures at this resistance could lead to a fresh downside impulse. The price is now testing the bear’s commitments which could lead to downside extension failures at this juncture. 

Today Advise:Bullish

Key Levels:

PPResistance*1762.80 *1798.68 **1821.46 ***
1740.02Support*1704.14 *1681.36 **1645.48 ***

Position Datas:

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