RedstoneFx Analyst
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Redstone Morning Analysis 6/5/2021

USD/JPY

Trend Theme:USD/JPY mildly bullish in the near-term.

Trend Review:Market players are waiting for US data to decide where to go next. Stocks and government yields tick higher, providing support to USD/JPY. USD/JPY is neutral-to-bullish, still needs to break above 109.70.

Today Advise:Bearish

Key Levels:

PPResistance*109.43 *109.63 **109.77 ***
109.29Support*109.09 *108.95 **108.76 ***

Position Datas:

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NZD/USD

Trend Theme:NZD/USD: Looks to extend gains above 0.7220 amid softer USD.

Trend Review:Sellers remain in control of the sentiment around the US dollar and push NZD/USD higher in the vicinity of 0.7220 in the Asian session. The pair is poised to extend Wednesday’s gain on the improved risk appetite among investors.

Today Advise:Bullish

Key Levels:

PPResistance*0.7241 *0.7268 **0.7317 ***
0.7192Support*0.7166 *0.7116 **0.7090 ***

Position Datas:

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WTI/USD

Trend Theme:Crude Oil Analysis: WTI bears challenges ascending triangle breakout above $65.40.

Trend Review:Oil prices extended Wednesday’s losses and poised to trade with a negative bias in the Asian session. On the daily chart, WTI has been accumulating losses near the double top formation in the vicinity of 66.50. This also coincided with a failed breakout of the asymmetrical triangle formation from the lows of $57.31. 

Today Advise:Bearish

Key Levels:

PPResistance*66.35 *67.43 **68.15 ***
65.63Support*64.55 *63.82 **62.75 ***

Position Datas:

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XAUUSD

Trend Theme:Gold bulls pause run-up to $1,800 on cautious markets.

Trend Review:Gold struggles to extend Wednesday’s recovery, seesaws near the top. Markets turn dicey ahead of US NFP, amid mixed updates on covid, vaccine. US 10-year Treasury yields print four-day downtrend as Fed policymakers reject reflation fears, US data came in soft.

Today Advise:Bullish

Key Levels:

PPResistance*1793.09 *1799.38 **1810.70 ***
1781.77Support*1775.48 *1764.16 **1757.87 ***

Position Datas:

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