RedstoneFx Analyst
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Redstone Morning Analysis 11/5/2021

GBP/USD

Trend Theme:GBP/USD: Monthly channel’s resistance probe bulls above 1.4100.

Trend Review:GBP/USD wobbles near late February tops after the heaviest run-up in three weeks. Immediate hurdle, RSI conditions suggest pullback towards previous key resistance. Multiple confluences will offer a bumpy ride to the bears, bulls aim for yearly top.

Today Advise:StronglyBullish

Key Levels:

PPResistance*1.4190 *1.4263 **1.4367 ***
1.4086Support*1.4014 *1.3910 **1.3838 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD holds the lower ground amid mixed Chinese inflation, risk-off mood.

Trend Review:AUD/USD is trading below 0.7850, back in the hands of the bears as the US dollar hardens amid a risk-off mood. The aussie remains unimpressed by the mixed Chinese inflation data. Focus shifts to US data and Fedspeak. 

Today Advise:Bearish

Key Levels:

PPResistance*0.7873 *0.7916 **0.7939 ***
0.7850Support*0.7807 *0.7784 **0.7741 ***

Position Datas:

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WTI/USD

Trend Theme:WTI wobbles around $65.00 amid receding US pipeline jitters, mild risk-on mood.

Trend Review:WTI picks up bids near $64.90, bouncing off the immediate range support, during the initial Asian session trading on Tuesday. In doing so, the oil benchmark struggles to justify mixed fundamentals amid a lack of major catalysts, not to forget cautious mood before the week’s key US data.

Today Advise:Bearish

Key Levels:

PPResistance*65.77 *66.65 **67.55 ***
64.86Support*63.98 *63.08 **62.19 ***

Position Datas:

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XAUUSD

Trend Theme:Gold: Bulls remain defensive near $1,840.

Trend Review:Gold is consolidating gains sub $1,840 level in the Asian session. The price of gold possessed a rangebound movement between  $1,830 and $1,838. On the hourly chart,  the downward sloping line from the previous day’s high of $1,845.46, acts as a wall of defense for gold.

Today Advise:Bullish

Key Levels:

PPResistance*1844.22 *1852.54 **1859.62 ***
1837.14Support*1828.82 *1821.74 **1813.42 ***

Position Datas:

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