RedstoneFx Analyst
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Redstone Morning Analysis 11/2/2021

GBP/USD

Trend Theme: Bulls seem tiring above 1.3800, weekly support line in focus.

Trend Review:GBP/USD eases from the highest levels since April 2018 marked the previous day. The cable sellers take advantage of bearish MACD and ease of marking a correction while targeting an upward sloping trend line from February 04.

Today Advise:Bullish

Key Levels:

PPResistance*1.3866 *1.3898 **1.3929 ***
1.3834Support*1.3802 *1.3771 **1.3739 ***

Position Datas:

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USD/JPY

Trend Theme:Bulls await a break of critical 4-hour resistance

Trend Review:USD/JPY have the pair on their watchlist in anticipation of newly formed bullish structure emerging on the lower time frames. A daily extension is on the cards to test deeper into the recently formed monthly resistance structure. 

Today Advise:Bearish

Key Levels:

PPResistance*104.85 *105.06 **105.28 ***
104.63Support*104.85 *105.06 **105.28 ***

Position Datas:

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WTI-OIL

Trend Theme:Doji at multi-month top directs sellers to attack weekly support line near $58.00.

Trend Review:WTI stays on the back foot near $58.25 while extending declines from an 11-month top during the initial Asian session trading.  In doing so, the oil benchmark justifies the Doji candlestick formation on the four-hour (4H) chart at the multi-day peak when RSI is overbought.

Today Advise:Bullish

Key Levels:

PPResistance*58.81 *59.20 **59.61 ***
58.40Support*58.02 *57.61 **57.22 ***

Position Datas:

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XAUUSD

Trend Theme:Gold snaps four-day uptrend as risks dwindle amid a quiet session.

Trend Review:Gold refreshed intraday low while extending the previous day’s pullback from $1,855. The yellow metal drops for the first time in the last five days as markets turn risk-averse even as Asian majors are on a holiday.

Today Advise:Bullish

Key Levels:

PPResistance*1854.03 *1865.45 **1875.39 ***
1844.09Support*1832.67 *1822.73 **1811.31 ***

Position Datas:

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