RedstoneFx Analyst
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Redstone Morning Analysis 8/4/2021

GBP/USD

Trend Theme:GBP/USD: Bears target 100-DMA near 1.3680 after two-day sell-off.

Trend Review:GBP/USD is nursing losses below 1.3750, as the sellers take a breather before resuming the downtrend, helped by a broad US dollar comeback and the Treasury yields. RSI stays bearish, 21-DMA to limit any recovery attempts.

Today Advise:Bullish

Key Levels:

PPResistance* 1.3811 *1.3883 **1.3926 ***
1.3768Support*1.3696 *1.3653 **1.3580 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY trapped within thin 109.60-109.90 range.

Trend Review:USD/JPY has been going sideways for the most part since the start of Wednesday’s Asia Pacific session. The pair is currently trading just above the lows of the day in the 109.60s, close to the bottom of its intra-day 109.60-109.90 range.

Today Advise:Bullish

Key Levels:

PPResistance*110.00 *110.15 **110.36 ***
109.79Support*109.64 *109.43 **109.27 ***

Position Datas:

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WTI/USD

Trend Theme:WTI choppy within $58.00-$60.00 intra-day range in wake of bearish EIA inventory report.

Trend Review:Front-month WTI futures have been choppy in recent trade, dropping all the way to just above the $58.00 handle from earlier session highs at $60.00, before rebounding sharply to the $59.00 level.

Today Advise:Bearish

Key Levels:

PPResistance*60.38 *61.17 **62.28 ***
59.26Support*58.47 *57.36 **56.57 ***

Position Datas:

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XAUUSD

Trend Theme:Gold looks to retest $1730 as USD holds firmer with yields.

Trend Review:Gold remains on the defensive, as the greenback holds the higher ground amid a tepid risk tone, as Treasury yields resume its uptrend on hopes of President Joe Biden’s $2.25 trillion infrastructure plan making it through Congress. Technical setup favors XAU/USD bears ahead of US data, Powell.

Today Advise:Bearish

Key Levels:

PPResistance*1744.58 *1751.36 **1758.30 ***
1737.64Support*1730.86 *1723.92 **1717.14 ***

Position Datas:

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