RedstoneFx Analyst
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Redstone Morning Analysis 8/3/2021

USD/JPY

Trend Theme:USD/JPY idles in the 108 territory as markets weigh the underlying funda.

Trend Review:After the heavy bid in the greenback at the end of the week’s sessions following Federal reserve’s Chair Jerome Powell’s comments, the yen is showing some resilience as the mighty dollar gives back a little breathing room to G10-FX to start the week.

Today Advise:Bullish

Key Levels:

PPResistance*108.72 *109.10 **109.55 ***
108.27Support*107.90 *107.45 **107.07 ***

Position Datas:

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GBP/USD

Trend Theme:GBP/USD: Bulls running into a wall of resistance.

Trend Review:GBP/USD is opening the week at a critical juncture. The monthly chart displays a positively bearish outlook while the 4-hour still has room to move higher to meet key resistance. Bulls take hold of the open while the week’s outlook spells a bearish divergence.

Today Advise:Bearish

Key Levels:

PPResistance*1.3909 *1.3972 **1.4038 ***
1.3844Support*1.3781 *1.3716 **1.3653 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI pulls back to $67.00 even as Saudi Arabian news, US stimulus probe October 2018 top.

Trend Review:WTI wavers around $67.00, following its run-up to the multi-month high of $67.69, during Monday’s Asian session. The energy benchmark portrayed a week-start gap-up while testing $67.00 as fundamentals concerning Saudi Arabia and the US coronavirus (COVID-19) aid package played their role. Also favoring the oil bulls could be China’s trade figures.

Today Advise:Bullish

Key Levels:

PPResistance*67.06 *67.96 **69.65 ***
65.37Support*64.48 *62.79 **61.89 ***

Position Datas:

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XAUUSD

Trend Theme:Gold regains $1,700 as US Senate passes stimulus.

Trend Review:Gold begins the week’s trading on a front-foot while crossing the $1,700 threshold, amid the initial Asian session on Monday. China warns America on Taiwan, Houthi Rebels accept attacks on Saudi oil ports. Risk news will be the key amid a light calendar.

Today Advise:Bullish

Key Levels:

PPResistance*1708.18 *1718.17 **1728.57 ***
1697.78Support*1687.79 *1677.39 **1667.40 ***

Position Datas:

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