RedstoneFx Analyst
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Redstone Morning Analysis 9/3/2021

EUR/USD

Trend Theme:EUR/USD drops below 1.1850 level as sell-off continues.

Trend Review:EUR/USD fell for a fourth consecutive session on Monday, dropping from close to the 1.1920 mark to fresh four-month lows under the 1.1850 mark in the final hours of trade prior to the 22:00GMT FX close. The US dollar was dominant in the G10 on Monday amid rising US bond yields.

Today Advise:Bullish

Key Levels:

PPResistance*1.1903 *1.1961 **1.1991 ***
1.1874Support*1.1816 *1.1787 **1.1729 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD: Bounces off intraday low above 0.7600 on Aussie data, halt in bond rout.

Trend Review:AUD/USD picks up bids from the day’s low after upbeat NAB Business Confidence, Conditions. NAB’s Business Conditions and Business Confidence both crossed prior figures of 7 and 10 respectively with 15 and 16, in that order, during February.

Today Advise:Bullish

Key Levels:

PPResistance*0.7712 *0.7781 **0.7819 ***
0.7674Support*0.7605 *0.7567 **0.7498 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI now under $65.00 as profit taking gains momentum.

Trend Review:After surging nearly as high as the $68.00 level during Asia Pacific trade amid news that Saudi Arabian oil infrastructure had been targeted by Yemeni based Houthi militia forces, front-month futures contracts for the American benchmark for sweet light crude, West Texas Intermediary (or WTI), have reversed sharply and are now trading under the $65.00 level, down about $1.40 or just over 2.0% on the day. 

Today Advise:Bearish

Key Levels:

PPResistance*66.79 *69.02 **70.18 ***
65.64Support*63.41 *62.26 **60.03 ***

Position Datas:

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XAUUSD

Trend Theme:Gold: Bears seeking hourly downside extension.

Trend Review:Gold is testing the bear’s commitments at hourly resistance. Momentum reaches resistance and 10-SMA could come under pressure. The weekly chart offers a target of confluence between the recent lows and a 38.2% Fibonacci retracement.

Today Advise:Bullish

Key Levels:

PPResistance*1704.32 *1728.05 **1741.77 ***
1690.60Support*1666.87 *1653.15 **1629.42 ***

Position Datas:

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