RedstoneFx Analyst
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Redstone Morning Analysis 5/4/2021

EUR/USD

Trend Theme:EUR/USD: Multiple hurdles to test bulls above 1.1750.

Trend Review:EUR/USD consolidates Friday’s losses around 1.1775 amid quiet trading in Asia. The major currency pair began the week on a strong foot. However, the bulls lack upside momentum amid Easter Monday celebrations in major Asian countries. 

Today Advise:Bearish

Key Levels:

PPResistance* 1.1783 *1.1803 **1.1821 ***
1.1766Support*1.1746 *1.1729 **1.1709 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY: Depressed below 111.00 amid mixed sentiment as Japan holds the fort in Asia.

Trend Review:USD/JPY extends pullback from intraday top, fails to extend Friday’s winning streak. The risk barometer fails to portray the market mood backed by Friday’s welcome US data and the recent optimism over US President Joe Biden’s $2.25 trillion infrastructure spending.

Today Advise:Bearish

Key Levels:

PPResistance*110.83 *110.98 **111.21 ***
110.60Support*110.45 *110.23 **110.08 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD rises towards 0.7650 amid risk-on mood.

Trend Review:AUD/USD advances towards 0.7650 as the S&P 500 futures gain 0.50% amid risk-on mood-led by strong US jobs report. AstraZeneca vaccinations will continue in Australia. The US dollar eases amid thin trading, ahead of ISM Services PMI. 

Today Advise:Bullish

Key Levels:

PPResistance*0.7633 *0.7656 **0.7675 ***
0.7614Support*0.7591 *0.7572 **0.7549 ***

Position Datas:

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XAUUSD

Trend Theme:Gold to face stiff resistance at $1736 after double-bottom reversal.

Trend Review:Gold (XAU/USD) is struggling to extend its last week’s recovery on Easter Monday, as outstanding US NFP data-induced risk-on market mood underpins the Treasury yields at the expense of the yieldless gold. The RSI stays below the midline, pointing to the limited upside.

Today Advise:Bearish

Key Levels:

PPResistance*1737.82 *1746.55 **1759.51 ***
1721.98Support*1715.49 *1699.58 **1690.15 ***

Position Datas:

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