RedstoneFx Analyst
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Redstone Morning Analysis 4/5/2021

GBP/USD

Trend Theme:GBP/USD soars above 1.39 amid vaccine optimism, dollar weakness.

Trend Review:GBP/USD is trading above 1.39, significantly higher, amid an improving market mood and after UK PM Johnson said the country is on track to fully reopen on June 21. US ISM Manufacturing PMI missed with 60.7 points. 

Today Advise:Bearish

Key Levels:

PPResistance*1.3961 *1.4012 **1.4091 ***
1.3881Support*1.3830 *1.3750 **1.3699 ***

Position Datas:StronglyBearish

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EUR/USD

Trend Theme:EUR/USD: Fades bounce off 100-SMA below 1.2100.

Trend Review:EUR/USD retreats after bouncing off one-week low the previous day. The currency major pair fizzles the previous day’s bounce off 100-SMA below a three-day-old resistance line. Convergence of 50% Fibonacci retracement, 200-SMA becomes the key support.

Today Advise:Bearish

Key Levels:

PPResistance*1.2090 *1.2114 **1.2153 ***
1.2051Support*1.2027 *1.1988 **1.1964 ***

Position Datas:

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WTI/USD

Trend Theme:WTI bears looking for a test of the 4-hour support.

Trend Review:WTI gained overnight as easing restrictions in the US and Europe raise hope of stronger demand. WTI was entering the early Asian session some 1.61% higher having travelled from a low of $62.94 to a high of $64.65. Asia moves along, in holiday thin markets, the bulls are staying in control having climbed from a low of $64.45 to a high of $64.70 so far. 

Today Advise:Bullish

Key Levels:

PPResistance*65.09 *65.73 **66.84 ***
63.99Support*63.35 *62.24 **61.61 ***

Position Datas:

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XAUUSD

Trend Theme:Gold refreshes intraday low below $1,800 but buyers can stay hopeful.

Trend Review:Gold fizzles the previous day’s strong upside momentum. The yellow metal eases below the key $1,800 resistance amid the recently weakening Momentum indicator. 21-day SMA, $1,760–55 will test the short-term bears.

Today Advise:Bullish

Key Levels:

PPResistance*1805.25 *1817.56 **1837.10 ***
1785.71Support*1773.40 *1753.86 **1741.55 ***

Position Datas:

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