RedstoneFx Analyst
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Redstone Morning Analysis 2/4/2021

GBP/USD

Trend Theme:GBP/USD: Battles key hurdle around 1.3840-45 amid quiet markets.

Trend Review:GBP/USD fades upside momentum during holiday-thinned trading. Five-week-old resistance line joins 21-day and 50-day SMA to test the bulls. Sellers need to refresh monthly low for fresh impulse.

Today Advise:Bearish

Key Levels:

PPResistance* 1.3865 *1.3896 **1.3956 ***
1.3805Support*1.3774 *1.3715 **1.3683 ***

Position Datas:

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EUR/USD

Trend Theme:EUR/USD: Short-term falling wedge keeps buyers hopeful below 1.1800.

Trend Review:EUR/USD picks up bids after two-day uptrend, Good Friday restricts the moves. Receding bearish bias of MACD suggests confirmation of bullish chart pattern. Convergence of 200-day SMA, 61.8% Fibonacci retracement becomes the key hurdle to north.

Today Advise:Bearish

Key Levels:

PPResistance*1.1800 *1.1824 **1.1868 ***
1.1757Support*1.1733 *1.1689 **1.1666 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI settles around $61.50 after OPEC+ meeting, gains nearly 4%.

Trend Review:The barrel of West Texas Intermediate (WTI) rose 3.87%, or $2.29, to settle at $61.45 on Thursday after OPEC+ announced its output strategy. 

Today Advise:Bullish

Key Levels:

PPResistance*62.39 *63.49 **65.23 ***
60.64Support*59.54 *57.80 **56.70 ***

Position Datas:

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XAUUSD

Trend Theme:Gold bulls probed below $1,750 amid thin holiday trade.

Trend Review:Gold awaits fresh moves while keeping the latest run-up to around $1,730 during the early Good Friday in Asia. With most markets closed due to the international holiday, traders are likely waiting for markets in Japan and China to open for direction.

Today Advise:Bearish

Key Levels:

PPResistance*1738.12 *1746.82 **1762.96 ***
1721.98Support*1713.28 *1697.14 **1688.44 ***

Position Datas:

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