RedstoneFx Analyst
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Redstone Morning Analysis 5/5/2021

AUD/USD

Trend Theme:AUD/USD consolidates losses around 0.7700 amid mixed clues.

Trend Review:AUD/USD holds recovery moves from three-week low in a tight range. RBA’s cautious optimism, downbeat data from Australia also favored bears. Second-tier Aussie data may offer immediate direction, risk catalysts stay on the driver’s seat.

Today Advise:Bearish

Key Levels:

PPResistance*0.7757 *0.7807 **0.7848 ***
0.7716Support*0.7665 *0.7624 **0.7574 ***

Position Datas:StronglyBearish

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EUR/USD

Trend Theme:EUR/USD: Steady above 1.2000 following Yellen’s U-turn, Fed’s Kashkari.

Trend Review:EUR/USD struggles to extend corrective pullback from two-week low. US Treasury Secretary Janet Yellen reverses initial rate hike signals, Fed’s Kashkari marks inflation as the key catalyst. Bears catch a breather amid off in China, Japan and no major updates on risk catalysts.

Today Advise:Bearish

Key Levels:

PPResistance*1.2054 *1.2093 **1.2121 ***
1.2026Support*1.1987 *1.1959 **1.1920 ***

Position Datas:StronglyBearish

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WTI/USD

Trend Theme:WTI inches higher in easing of lockdowns.

Trend Review:Oil prices were on the bid on Tuesday, buoyed as more US states eased lockdowns and the European Union sought to attract more travellers, which would help offset weakened fuel demand in India as COVID-19 cases soar.

Today Advise:Bullish

Key Levels:

PPResistance*66.74 *67.40 **68.64 ***
65.50Support*64.84 *63.60 **62.94 ***

Position Datas:

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XAUUSD

Trend Theme:Gold seeks fresh clues to hold corrective pullback above $1770..

Trend Review:Gold struggles to extend recovery moves beyond $1,780. Market sentiment dwindles after Yellen confused traders, mixed updates on covid, vaccines. Off in China, Japan adds to the market’s indecisiveness, risk catalysts remain as the key factors to watch.

Today Advise:Bearish

Key Levels:

PPResistance*1795.09 *1811.17 **1823.27 ***
1782.99Support*1766.91 *1754.81 **1738.73 ***

Position Datas:

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