RedstoneFx Analyst
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Redstone Morning Analysis 4/2/2021

USD/JPY

Trend Theme:Bulls remain in control towards 106, but the downside is compelling.

Trend Review:JPY net long positions had dropped after their recent push to the highest levels since October 2016 which is transpired in the spot market following a breakout of the longterm bearish dynamic resistance.

Today Advise:Bearish

Key Levels:

PPResistance*105.11 *105.20 **105.29 ***
105.02Support*104.93 *104.84 **104.75 ***

Position Datas:

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USD/CAD

Trend Theme: 50-day SMA, resistance-turned-support keep buyers hopeful below 1.2800.

Trend Review:USD/CAD extends the corrective pullback from the previous day’s low to currently around 1.2785 amid the initial Asian session on Thursday. In doing so, the loonie pair holds the last week’s 50-day SMA breakout amid strong RSI and bullish MACD signals.

Today Advise:Bearish

Key Levels:

PPResistance*1.2809 *1.2834 **1.2857 ***
1.2786Support*1.2761 *1.2738 **1.2713 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI: Eases below $56.00 inside short-term rising channel.

Trend Review:WTI recedes from intraday high while keeping mild gains. The black gold stays positive for the fourth consecutive day while taking rounds to the highest since late January 2020 levels. Bullish chart pattern, sustained trading above key HMAs and strong RSI favor buyers.

Today Advise:StronglyBullish

Key Levels:

PPResistance*56.34 *57.04 **57.86 ***
55.53Support*54.82 *54.01 **53.31 ***

Position Datas:

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XAUUSD

Trend Theme:Gold clings to mild gains above $1,830 amid US stimulus chatters.

Trend Review:Gold stays early around $1,833 during Thursday’s Asian trading session. In doing so, the white metal snaps the previous two days’ downside but fails to print major recovery amid a lack of major data/events. Cautious sentiment ahead of the key data/events, amid a light calendar, probe momentum traders.

Today Advise:Bearish

Key Levels:

PPResistance*1842.12 *1851.24 **1857.46 ***
1835.90Support*1826.78 *1820.56 **1811.44 ***

Position Datas:

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