RedstoneFx Analyst
by
on

Redstone Morning Analysis 6/4/2021

NZD/USD

Trend Theme:NZD/USD: Bulls barrel 100-SMA amid strongest MACD since February 26.

Trend Review:NZD/USD takes the bids near intraday high, up for fifth consecutive day. Upbeat MACD suggests clearance of nearby SMA hurdle but the key resistance will test the bulls. Sellers need sustained weakness below 0.7020 for fresh entries.

Today Advise:Bullish

Key Levels:

PPResistance* 0.7078 *0.7102 **0.7133 ***
0.7047Support*0.7023 *0.6992 **0.6968 ***

Position Datas:

————————————————————————————————-

GBP/USD

Trend Theme:GBP/USD: Bulls attack 1.3900, seek validation of 200-SMA breakout.

Trend Review:GBP/USD stays firm near 12-day top following an upside break of 200-SMA. Resistance line of a two-week-old rising channel guards immediate run-up. Previous resistance line from February 24 adds to the downside filters.

Today Advise:StronglyBullish

Key Levels:

PPResistance*1.3939 *1.3976 **1.4039 ***
1.3876Support*1.3838 *1.3776 **1.3738 ***

Position Datas:

—————————————————————————————————

WTI/USD

Trend Theme:WTI: Battles $59 mark amid impending death cross on 1H chart.

Trend Review:WTI (futures on NYMEX) is attempting a minor recovery around the $59 mark, although the risks remain skewed to the downside amid bearish fundamental as well as technical factors. Markets await the API crude stocks data for fresh impetus.

Today Advise:Bullish

Key Levels:

PPResistance*60.93 *63.04 **64.67 ***
59.29Support*57.18 *55.54 **53.43 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold eyes a break above critical $1736 barrier to unleash further upside.

Trend Review:Gold (XAU/USD) is bracing for another leg to the upside, as the bulls look to extend the recovery from three-week troughs of $1677. The RSI stay well above the midline, allowing more gains. US dollar weakness to aid the recovery momentum in XAU/USD.

Today Advise:Bullish

Key Levels:

PPResistance*1734.00 *1739.95 **1746.28 ***
1727.67Support*1721.72 *1715.39 **1709.44 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^