RedstoneFx Analyst
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Redstone Morning Analysis 11/3/2021

USD/CAD

Trend Theme:USD/CAD struggles to keep 1.2600 as WTI eyes to regain $65.00.

Trend Review:USD/CAD fades bounce off 1.2610 after two consecutive days of downside. WTI keeps recovery moves from $63.38, US Treasury yields play their role. BOC couldn’t impress traders with status-quo, US jobless claims, BOC’s Schembri eyed. US President Biden’s speech, signing of stimulus will be the key..

Today Advise:Bearish

Key Levels:

PPResistance*1.2664 *1.2709 **1.2735 ***
1.2639Support*1.2594 *1.2569 **1.2524 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD consolidates recent gains above 0.7700 amid multiple Aussie catalysts.

Trend Review:AUD/USD snaps two-day winning streak, prints mild losses amid recent pullback from weekly top. Australia announced A$1.2 billion package for tourism, markets fear 300,000 jobs to lose as wage subsidy support ends this month. Australia’s Consumer Inflation Expectations rose 4.1% for March.

Today Advise:Bearish

Key Levels:

PPResistance*0.7765 *0.7794 **0.7842 ***
0.7716Support*0.7687 *0.7639 **0.7610 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI drops back from near-$65.00 highs as US crude oil production surges back.

Trend Review:Front-month futures contracts for West Texas Intermediary (WTI), the American benchmark for sweet light crude oil, have been capped before the $65.00 level, hit session highs of close to the $65.00 level not long ago, but have since sold off and been pushed back below the $63.50 level, where WTI trades losses of about 0.75% or 50 cents on the day.

Today Advise:Bullish

Key Levels:

PPResistance*65.43 *66.07 **67.23 ***
64.27Support*63.63 *62.47 **61.82 ***

Position Datas:

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XAUUSD

Trend Theme:Gold prints three-day winning streak around $1,730 amid steady markets in Asia.

Trend Review:Gold stays firm at the weekly top, wavers around the peak off-late. Risks stabilize after initial positive reaction to US stimulus passage, downbeat Treasury yields. US Jobless Claims, President Biden’s speech will be the key.

Today Advise:Bearish

Key Levels:

PPResistance*1731.87 *1738.19 **1750.02 ***
1720.04Support*1713.72 *1701.89 **1695.57 ***

Position Datas:

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