RedstoneFx Analyst
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Redstone Morning Analysis 12/4/2021

GBP/USD

Trend Theme:GBP/USD: Bears likely to maintain the pressure.

Trend Review:GBP/USD is trying to hold onto 1.37, trading near the March lows. The US dollar is rebounding the from dovish Fed-induced blow. Concerns about Britain’s vaccine supplies and Brexit-related issues are weighing on sentiment.

Today Advise:Bearish

Key Levels:

PPResistance* 1.3749 *1.3790 **1.3830 ***
1.3710Support*1.3669 *1.3629 **1.3588 ***

Position Datas:

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EUR/USD

Trend Theme:EUR/USD battles 1.1900 as US dollar attempts a recovery.

Trend Review:EUR/USD is trading around 1.1900, holding steady as the US dollar attempts a recovery amid cautious market mood. Concerns about vaccines in Europe outweigh Fed Chair Powell’s upbeat message. 

Today Advise:Bearish

Key Levels:

PPResistance*1.1927 *1.1950 **1.1980 ***
1.1897Support*1.1874 *1.1844 **1.1820 ***

Position Datas:

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WTI/USD

Trend Theme:WTI in wait-and-see mode between $59.00-$60.00 parameters.

Trend Review:Crude oil markets continue to see range-bound trading conditions; front-month WTI futures remain locked between the $59.00-$60.00 ranges that have prevailed over the past few days and have been swinging between slightly in the red and slightly in the green.

Today Advise:StronglyBearish

Key Levels:

PPResistance*59.85 *60.30 **60.66 ***
59.49Support*59.03 *58.68 **58.22 ***

Position Datas:

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XAUUSD

Trend Theme:Gold: Bears taking control, eye daily support.

Trend Review:Gold is being capped in what could be a right-hand shoulder of H&S pattern. Daily support is a target in what will be a classic impulse, correction, impulse playbook which could potentially result in a bearish topping pattern on the 4-hour chart for the week ahead. 

Today Advise:Bearish

Key Levels:

PPResistance*1756.97 *1770.27 **1783.14 ***
1744.10Support*1730.80 *1717.93 **1704.63 ***

Position Datas:

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