RedstoneFx Analyst
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Redstone Morning Analysis 10/5/2021

EUR/USD

Trend Theme:EUR/USD: Demand for high-yielding assets likely to continue.

Trend Review:The EUR/USD pair reached1.2171 last Friday, its highest since March 1, closing the week a few pips below such a high. Wall Street reached all-time highs, while US government bond yields plunged. EUR/USD is overbought but still has room to extend its advance.

Today Advise:Bearish

Key Levels:

PPResistance*1.2208 *1.2249 **1.2327 ***
1.2131Support*1.2090 *1.2012 **1.1971 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY: Bearish case firms up as dollar´s demand tumble.

Trend Review:USD/JPY plummets to weekly lows near 108.30. The leg lower was accompanied by the drop in US yields. US Nonfarm Payrolls disappointed expectations in April.

Today Advise:Bullish

Key Levels:

PPResistance*109.18 *109.71 **110.13 ***
108.76Support*108.23 *107.81 **107.27 ***

Position Datas:

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WTI/USD

Trend Theme:WTI Price Analysis: Bears are in town.

Trend Review:WTI keeps sliding for a day of a lower settlement on Thursday, with West Texas Intermediate, WTI, falling over 0.6% by the close of play in North American trade. WTI fell from a high of $65.96 to a low of $64.53. Meanwhile, WTI crude futures dropped 92 cents, or 1.4%, to $64.71.

Today Advise:Bearish

Key Levels:

PPResistance*65.38 *65.95 **66.70 ***
64.64Support*64.07 *63.32 **62.75 ***

Position Datas:

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XAUUSD

Trend Theme:Gold bulls moving up against a wall of key resistance.

Trend Review:The soft US labour market report sealed the dollar’s fate. XAG/USD rose from a low of $27.14 to a high near $27.68 on Friday, testing critical resistance. Bond yields drifted lower and commodity prices rallied on Friday, along with the price of precious metals. 

Today Advise:Bullish

Key Levels:

PPResistance*1845.47 *1859.66 **1875.93 ***
1829.20Support*1815.01 *1798.74 **1784.55 ***

Position Datas:

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