RedstoneFx Analyst
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Redstone Morning Analysis 9/2/2021

USD/JPY

Trend Theme: Pressured for third consecutive day towards 105.00 despite stimulus from Japan.

Trend Review:USD/JPY remains depressed near the lowest since Friday. Japanese Prime Minister Taro Aso announced 1.1372 trillion emergency relief package to battle the coronavirus. Risks remain positive amid hopes of US stimulus, receding virus woes and trade optimism.

Today Advise:Bearish

Key Levels:

PPResistance*105.53 *105.86 **106.05 ***
105.34Support*105.01 *104.82 **104.49 ***

Position Datas:

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AUD/USD

Trend Theme: On the bids near two-week top above 0.7700 despite mixed clues.

Trend Review:AUD/USD refreshes intraday high, attacks Monday’s peak, also the highest since January 27. Australia’s NAB Business Conditions and Business Confidence data came in mixed for January. Market sentiment wavers despite Japan’s stimulus, US covid relief optimism and trade jitters likely to recede.

Today Advise:StronglyBullish

Key Levels:

PPResistance*0.7731 *0.7756 **0.7796 ***
0.7691Support*0.7665 *0.7625 **0.7600 ***

Position Datas:

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WTI-OIL

Trend Theme:Buyers attack $58.00 as US stimulus hopes back energy optimists, API in focus.

Trend Review:WTI bulls dominate near $58.00, highest since January 2020, amid the initial Asian session on Tuesday. In doing so, the energy benchmark rises for the seventh consecutive day amid hopes of recovery in global energy demand as well as fears of the supply cut.

Today Advise:Bullish

Key Levels:

PPResistance*58.35 *58.76 **59.49 ***
57.62Support*57.22 *56.49 **56.08 ***

Position Datas:

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XAUUSD

Trend Theme:Bears to target a run to weekly support at 1765.

Trend Review:Gold is testing the bear’s commitments at the resistance structure. Weekly support could be their target if bulls capitulate at this juncture. There is still room for some additional gains to the upside from where it will be make or break time. 

Today Advise:Bearish

Key Levels:

PPResistance*1843.44 *1857.01 **1874.80 ***
1825.65Support*1812.08 *1794.29 **1780.72 ***

Position Datas:

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