RedstoneFx Analyst
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Redstone Morning Analysis 5/3/2021

USD/CAD

Trend Theme:USD/CAD chops either side of 1.2600 level amid conflicting OPEC+, Fed forces.

Trend Review:USD/CAD has seen a choppy last few hours of trade. Initially, the pair was dragged beneath the 1.2600 level and to lows in the 1.2570s (fresh weekly lows) amid a strengthening of the loonie amid a surge higher in crude oil prices on the back of bullish OPEC+ news.

Today Advise:Bullish

Key Levels:

PPResistance*1.2716 *1.2764 **1.2835 ***
1.2646Support*1.2597 *1.2527 **1.2478 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD drops below 0.7700 as risk-aversion deepens, NFP eyed.

Trend Review:AUD/USD drops below 0.7700, hitting fresh three-week lows, as risk-aversion remains at full steam in Asia. Stocks tumbled while the US dollar rallied alongside the Treasury yields as the Fed Chair Powell dismissed the bond market turmoil. NFP awaited. 

Today Advise:StronglyBearish

Key Levels:

PPResistance*0.7793 *0.7858 **0.7901 ***
0.7750Support*0.7685 *0.7642 **0.7577 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI consolidates recent gains around $64.00 during pre-NFP trading lull.

Trend Review:WTI bulls catch a breather around the 14-month top during Friday’s Asian session. In doing so, the energy benchmark prints 0.30% intraday loss after a stellar rally on economic recovery hopes and OPEC+ headlines. US dollar moves failed to disappoint oil bears amid hopes of further economic recovery. 

Today Advise:Bullish

Key Levels:

PPResistance*65.72 *67.37 **70.01 ***
63.08Support*61.43 *58.79 **57.14 ***

Position Datas:

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XAUUSD

Trend Theme:Gold bounces off nine-month low below $1,700 but remains vulnerable.

Trend Review:Gold consolidates recent losses near multi-day low, marked before a few hours, while taking rounds to $1,700 amid the initial Asian session on Friday. All eyes on US NFP, stimulus updates amid a light calendar in Asia.

Today Advise:StronglyBearish

Key Levels:

PPResistance*1716.97 *1736.47 **1749.66 ***
1703.78Support*1684.28 *1671.09 **1651.59 ***

Position Datas:

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