RedstoneFx Analyst
by
on

Redstone Morning Analysis 10/3/2021

GBP/USD

Trend Theme:GBP/USD advances above 1.3850 amid dollar weakness.

Trend Review:GBP/USD is taking advantage of the upbeat market mood to gain ground and recapture 1.3850. The mix of weaker US yields, BOE Governor Bailey’s pushback against negative rates and the UK’s progress on vaccines is boosting cable.

Today Advise:Bearish

Key Levels:

PPResistance*1.3945 *1.3997 **1.4068 ***
1.3873Support*1.3821 *1.3750 **1.3698 ***

Position Datas:

————————————————————————————————-

USD/JPY

Trend Theme:USD/JPY: Bears moving in from 50% mean reversion resistance.

Trend Review:USD/JPY has met resistance in an effort to correct from the recent structure lows which opens the prospects of a downside continuation on a restest of and break of the support structure.  The hourly chart is bearish below the 21-SMA and trendline resistance. 

Today Advise:Bullish

Key Levels:

PPResistance*109.02 *109.54 **109.84 ***
108.72Support*108.20 *107.90 **107.38 ***

Position Datas:

—————————————————————————————————

WTI-OIL

Trend Theme:WTI climbs to $69 area following Monday’s correction.

Trend Review:After gaining more than 7% last week, crude oil prices staged a deep correction at the start of the week and the barrel of West Texas Intermediate (WTI) lost 2.4% on Monday.

Today Advise:Bullish

Key Levels:

PPResistance*65.25 *66.64 **67.38 ***
64.51Support*63.11 *62.37 **60.97 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold bulls eye US covid stimulus update for fresh moves above $1,700.

Trend Review:Gold wavers in a choppy range after printing the heaviest gains in two months. Market sentiment stays positive amid hopes of US stimulus, economic recovery. CPI from China, US will decorate calendar, virus/vaccine updates shouldn’t be missed as well.

Today Advise:Bullish

Key Levels:

PPResistance*1731.21 *1746.19 **1771.67 ***
1705.73Support*1690.75 *1665.27 **1650.29 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^