RedstoneFx Analyst
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Redstone Morning Analysis 4/3/2021

NZD/USD

Trend Theme:NZD/USD: Depressed around mid-0.7200s even as RBNZ’s Orr tries to placate bears.

Trend Review:NZD/USD trims the early-week gains, holds lower grounds off-late. RBNZ’s Orr praised NZ central bank’s sound position, focus on inflation and employment mandate. Wall Street closed in red as Treasury yields regain upside momentum, US stimulus/vaccine optimism prevails.

Today Advise:Bullish

Key Levels:

PPResistance*0.7290 *0.7332 **0.7358 ***
0.7264Support*0.7222 *0.7196 **0.7154 ***

Position Datas:

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GBP/USD

Trend Theme:GBP/USD: Drops towards 1.3900 on the way to two-week-old support line.

Trend Review:GBP/USD teases intraday low of 1.3921, currently down 0.14% around 1.3932, during Thursday’s Asian session. In doing so, the cable stretches the pullback from a one-week-old resistance line as MACD recedes bullish bias.

Today Advise:Bearish

Key Levels:

PPResistance*1.3999 *1.4045 **1.4084 ***
1.3960Support*1.3913 *1.3874 **1.3828 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI picking up towards $61.50 in wake of eye-watering EIA inventory numbers.

Trend Review:Crude oil markets trade higher on Wednesday, having so far shrugged off nerves being observed in US equity markets. WTI has been picking up following an initially choppy reaction to the release of eye-watering weekly EIA inventory data.

Today Advise:Bearish

Key Levels:

PPResistance*62.26 *63.42 **64.96 ***
60.71Support*59.56 *58.01 **56.85 ***

Position Datas:

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XAUUSD

Trend Theme:Gold: Bears looking to test bull’s commitments at $1698.

Trend Review:The gold price is no longer showing signs of an immediate advance back to test $1760. Instead, gold failed to extend beyond $1740 and printed a fresh low to $1702 as the US dollar and yields came up for air.

Today Advise:Bearish

Key Levels:

PPResistance*1735.97 *1757.59 **1774.57 ***
1718.99Support*1697.37 *1680.39 **1658.77 ***

Position Datas:

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