RedstoneFx Analyst
by
on

Redstone Morning Analysis 12/3/2021

EUR/USD

Trend Theme:EUR/USD: Nears 38.2% Fibonacci hurdle.

Trend Review:EUR/USD nearly challenged resistance at 1.1991 during the overnight trade. That level marks the 38.2% Fibonacci retracement of the sell-off from the Feb. 25 high of 1.2243 to the March 9 low of 1.1836. The pair is currently trading at 1.1981, representing a 0.6% gain for the week, having put in a low of 1.1836 on Monday. 

Today Advise:Bearish

Key Levels:

PPResistance*1.2014 *1.2039 **1.2089 ***
1.1965Support*1.1940 *1.1891 **1.1866 ***

Position Datas:

————————————————————————————————-

GBP/USD

Trend Theme:GBP/USD advances towards 1.4000 level as dollar dumped.

Trend Review:GBP/USD steadily ground higher on Thursday starting the session in the low 1.3900s and under the pair’s 21-day moving average (which is close to 1.3940) and closing Thursday’s FX trade just under the 1.4000 level.

Today Advise:Bearish

Key Levels:

PPResistance*1.4019 *1.4046 **1.4095 ***
1.3969Support*1.3942 *1.3892 **1.3866 ***

Position Datas:

—————————————————————————————————

WTI-OIL

Trend Theme:WTI: Overbought RSI tests bulls around $66.00.

Trend Review:WTI snaps two-day winning streak while easing from $66.12. Bullish chart pattern, sustained trading beyond immediate SMA support keeps buyers hopeful. A daily closing beyond $66.00 becomes necessary before probing the channel resistance.

Today Advise:Bearish

Key Levels:

PPResistance*66.69 *67.27 **68.37 ***
65.60Support*65.02 *63.92 **63.34 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold refreshes intraday high around $1,730 on Biden’s optimism.

Trend Review:Gold takes the bids after stepping back from 10-day top the previous day. Biden lauds his administration’s work on taming covid, stays cautious on job outlook. Risks remain elevated amid vaccine optimism, hopes of further stimulus and economic recovery.

Today Advise:Bearish

Key Levels:

PPResistance*1735.99 *1748.26 **1756.59 ***
1727.66Support*1715.39 *1707.06 **1694.79 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^