RedstoneFx Analyst
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Redstone Morning Analysis 11/1/2021

EUR/USD

Trend Theme:EUR/USD: 38.2% Fibonacci 1.2220 in focus.

Trend Review:The greenback has been climbing from a nearly three-year low as a rise in US yields helped fuel the unwinding of bearish bets on the currency. In the positioning data for the week ending 5 January 2021, leveraged funds turned USD buyers. Traders are continuing to take profits against the euro which has printed a fresh low in Asia at the start of the week.

Today Advise:Bearish

Key Levels:

PPResistance*1.2276 *1.2326 **1.2368 ***
1.2235Support*1.2185 *1.2143 **1.2093 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD fails to cheer upbeat China inflation data, prints three-day downtrend towards 0.7700.

Trend Review:AUD/USD stays depressed around the intraday low even as China prints welcome inflation figures for December. China’s CPI grew 0.2% YoY, PPI recovered to -0.4% on yearly format. Risks dwindle mid virus woes, Sino-American tension and US stimulus hopes.

Today Advise:Bullish

Key Levels:

PPResistance*0.7797 *0.7834 **0.7869 ***
0.7762Support*0.7726 *0.7691 **0.7654 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI: Eases from fresh multi-month top, eyes one-week-old support line.

Trend Review:Having initially jumped to the fresh high since February 2020, WTI drops, down 0.47% intraday, during Monday’s Asian session. The oil benchmark seems to take clues from the overbought RSI conditions while stepping back from a multi-day high.

Today Advise:StronglyBullish

Key Levels:

PPResistance*53.09 *53.68 **54.81 ***
51.97Support*51.38 * 50.26 **49.67 ***

Position Datas:

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XAUUSD

Trend Theme:Gold licks its wounds around $1,850 as risk dwindles.

Trend Review:Gold wavers around $1,848-50 while extending late Friday’s recovery moves to early Asian trading session on Monday. Although the coronavirus (COVID-19) and the Sino-American tension challenge the risk sentiment, hopes of the US stimulus favor gold sellers.

Today Advise:Bearish

Key Levels:

PPResistance*1900.95 *1953.96 **1990.30 ***
1864.61Support*1811.60 *1775.26 **1722.25 ***

Position Datas:

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