RedstoneFx Analyst
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Redstone Morning Analysis 2/3/2021

AUD/USD

Trend Theme: AUD/USD drops to 0.7750 amid US dollar strength, ahead of RBA.

Trend Review:AUD/USD trades close to 0.7750, extending retreat from 0.7780, aa the US dollar extends its recent advances amid risk-off market mood.  The dismal Aussie Building Permits data adds to the weight on the Aussie dollar. RBA decision awaited.

Today Advise:Bullish

Key Levels:

PPResistance*0.7805 *0.7837 **0.7886 ***
0.7755Support*0.7723 *0.7674 **0.7642 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY: Bulls target 106.95.

Trend Review:USD/JPY bulls are in control into the Tokyo open and eye 107 the figure. The 15-min time frame offers prospects of a discount to target higher highs. The price is in bullish conditions according to the hourly and 15-min time frames and is expected to make a continuation to test the bear’s commitments at and around 107 the figure. 

Today Advise:Bullish

Key Levels:

PPResistance*106.98 *107.20 **107.51 ***
106.67Support*106.46 *106.15 **105.94 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI: Crude drops below $60 after head-and-shoulders breakdown.

Trend Review:WTI crude printed a low of $59.86 soon before press time, having confirmed a head-and-shoulders (H&S) breakdown, a bearish reversal pattern, on the hourly chart on Monday. Oil could drop further, as the H&S breakdown has opened the doors for $59.13 (target as per the measured move method).

Today Advise:Bearish

Key Levels:

PPResistance*62.16 *63.95 **65.09 ***
61.02Support*59.23 *58.09 **56.30 ***

Position Datas:

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XAUUSD

Trend Theme:Gold: Bears testing the commitments of the bulls.

Trend Review:Gold prices are carving out a lower low in contrast to corrective expectations. Bulls can target a daily bullish retracement, anticipating a bid from deep with demand ahead of $1,700. In Asia, the price has printed a fresh cycle low of $1713.86.

Today Advise:Bullish

Key Levels:

PPResistance*1749.25 *1774.75 **1789.51 ***
1734.49Support*1708.99 *1694.23 **1668.73 ***

Position Datas:

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