RedstoneFx Analyst
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Redstone Morning Analysis 8/2/2021

EUR/USD

Trend Theme: Profit-taking bounce short of confirming a bottom.

Trend Review:The EUR/USD pair recovered ground in the last trading session of the week, closing it around the 1.2050 threshold. The American currency appreciated throughout the week, amid hopes for a large stimulus package coming under the new administration.

Today Advise:Bullish

Key Levels:

PPResistance*1.2082 *1.2115 **1.2180 ***
1.2017Support*1.1984 *1.1919 **1.1887 ***

Position Datas:

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USD/JPY

Trend Theme: Following the lead of US Treasury yields.

Trend Review:The USD/JPY pair posted substantial gains for a second consecutive week, hitting on Friday a fresh 2020 high of 105.76. Japanese Leading Economic Index contracted in December to 94.9 from 96.1. Yen could extend its corrective decline in the near-term at the weekly opening.

Today Advise:Bearish

Key Levels:

PPResistance*105.66 *105.93 **106.09 ***
105.50Support*105.22 *105.06 **104.79 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI hits $57.00 as bullish narrative continues to dominate.

Trend Review:WTI is having a strong finish to the week, having rallied as high as $57.00 on Friday. Higher stock prices, US bond yields, and a lower US dollar are all providing tailwinds to the crude oil complex.

Today Advise:StronglyBullish

Key Levels:

PPResistance*57.29 *57.70 **58.24 ***
56.75Support*56.33 *55.79 **55.37 ***

Position Datas:

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XAUUSD

Trend Theme:Gold holds on to recovery gains above $1,800 amid mixed clues.

Trend Review:Gold keeps Friday’s recovery moves to nurse heaviest weekly losses in a month. US dollar index dropped from two-month top on mixed employment data at home. Risks dwindle as stimulus hopes battle downbeat vaccine news, geopolitical risk from Iran.

Today Advise:Bullish

Key Levels:

PPResistance*1820.27 *1829.33 **1843.42 ***
1806.18Support*1797.12 *1783.03 **1773.97 ***

Position Datas:

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