RedstoneFx Analyst
by
on

Redstone Morning Analysis 7/4/2021

AUD/USD

Trend Theme:AUD/USD sits at ten-day highs above 0.7650 as US dollar tumbles with yields.

Trend Review:AUD/USD is consolidating near ten-day highs above 0.7650, eyeing a test of the 0.7700 barrier, as the US dollar remains vulnerable amid a three-day sell-off in the Treasury yields. Stronger US jobs data failed to impress, as focus shifts to the Fed minutes.

Today Advise:Bullish

Key Levels:

PPResistance* 0.7685 *0.7710 **0.7750 ***
0.7645Support*0.7620 *0.7580 **0.7555 ***

Position Datas:

————————————————————————————————-

USD/CAD

Trend Theme:USD/CAD Intraday positive move stalls near 1.2575-80 confluence hurdle.

Trend Review:USD/CAD gained some positive traction on Tuesday and moved away from two-week lows. Bullish oil prices, renewed USD selling bias capped the upside near the 23.6% Fibo. level. A sustained break below the 1.2500 mark is needed to confirm a fresh bearish breakdown.

Today Advise:Bearish

Key Levels:

PPResistance*1.2594 *1.2622 **1.2660 ***
1.2555Support*1.2528 *1.2489 **1.2461 ***

Position Datas:

—————————————————————————————————

WTI/USD

Trend Theme:WTI pulls back from near-$61.00 highs to the low-$59.00s but stays in the green.

Trend Review:Though front-month WTI futures gave back the lion’s share of the days on Tuesday, falling back from highs in the $60.80s to end the session at $59.20, they still managed to close out the day with gains of nearly 1.0% or over 50 cents. 

Today Advise:StronglyBearish

Key Levels:

PPResistance*60.54 *61.84 **62.79 ***
59.59Support*58.29 *57.34 **56.03 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold inches closer to $1750 amid falling Treasury yields.

Trend Review:Gold remains poised to extend the recent rally, with eyes set on the $1750 key barrier, as the US dollar nurses losses across the board while holding near ten-day lows amid a rout in the Treasury yields across the curve.

Today Advise:Bullish

Key Levels:

PPResistance*1749.92 *1756.82 **1768.13 ***
1738.61Support*1731.71 *1720.40 **1713.50 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^