RedstoneFx Analyst
by
on

Redstone Morning Analysis 30/4/2021

GBP/USD

Trend Theme:GBP/USD: On the way to 1.3970-80 key hurdle.

Trend Review:GBP/USD strays mildly bid inside a bullish chart formation. Upper line of the short-term rising channel, two-week-old horizontal area guard short-term upside. Confluence of 200-SMA, ascending trend line from April 12 becomes a tough nut to crack for sellers. Strong RSI, ability to stay past key SMA keep buyers hopeful.

Today Advise:Bullish

Key Levels:

PPResistance*1.3967 *1.3994 **1.4012 ***
1.3950Support*1.3923 *1.3905 **1.3879 ***

Position Datas:

————————————————————————————————-

USD/JPY

Trend Theme:USD/JPY: Bulls attack 109.00 even as sluggish markets confront downbeat sentiment.

Trend Review:USD/JPY refreshes intraday top, stays near 13-day high flashed the previous day. Japanese traders struggle to justify mixed risk catalysts and yen’s safe-haven nature on their return from Thursday’s holiday. Japan’s Unemployment Rate, Tokyo CPI dropped, Industrial Production recovered. Virus, vaccine updates, China PMI can entertain Asian traders amid a light calendar.

Today Advise:Bullish

Key Levels:

PPResistance*109.29 *109.65 **110.08 ***
108.86Support*108.50 *108.08 **107.72 ***

Position Datas:

—————————————————————————————————

WTI/USD

Trend Theme:WTI bulls burst back into life to six-week highs.

Trend Review:Despite the prior rallies this week which has seen the price take on bearish commitments at prior resistance, the bulls have battled on from a shallow 23.6% Fibonacci retracement.

Today Advise:Bullish

Key Levels:

PPResistance*65.61 *66.40 **67.41 ***
64.60Support*63.80 *62.80 **62.00 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold struggles below $1,800 amid risk-off mood.

Trend Review:Gold eases from intraday top but lacks bearish momentum. Covid woes, reflation fears favor the US dollar’s corrective pullback. S&P 500 Futures print mild losses despite Wall Street’s positive performance. China PMI, risk news will be crucial to follow.

Today Advise:Bearish

Key Levels:

PPResistance*1789.27 *1806.57 **1823.12 ***
1772.72Support*1755.42 *1738.87 **1721.57 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^