RedstoneFx Analyst
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Redstone Morning Analysis 12/2/2021

NZD/USD

Trend Theme: NZD/USD rangebound between 0.7200-0.7250 parameters, awaiting broader USD direction.

Trend Review:NZD/USD fell for most of Thursday’s US trading session but still managed to close the session with modest 0.15% gains; the pair rallied from lows just above 0.7200 to print highs just to the north of the 0.7250 mark prior to the start of the US session, only to then wane back to the 0.7220s, where the cross continues to trade as the Friday Asia Pacific session gets underway.

Today Advise:Bullish

Key Levels:

PPResistance*0.7251 *0.7275 **0.7298 ***
0.7227Support*0.7204 *0.7180 **0.7157 ***

Position Datas:

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GBP/USD

Trend Theme:GBP/USD keeps 1.3800 amid cautious optimism over Brexit, virus ahead of UK GDP.

Trend Review:GBP/USD buyers attack the upper end of 20-pip range. BOE’s Haldane eyes double digit growth post-covid, chatters over activity restrictions until autumn gain. UK GDP set to test BOE’s bullish stance, US data, stimulus talks also become important.

Today Advise:Bullish

Key Levels:

PPResistance*1.3850 *1.3884 **1.3909 ***
1.3825Support*1.3791 *1.3766 **1.3732 ***

Position Datas:

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WTI-OIL

Trend Theme:Bears firming grip below $58.00.

Trend Review:WTI stays pressured below $58.00, currently around $57.80, during Friday’s Asian session. The oil benchmark dropped to the lowest in four days while snapping over a week-long upward trajectory. In doing so, the quote broke 100-HMA to the downside.

Today Advise:Bearish

Key Levels:

PPResistance*58.40 *58.89 **59.19 ***
58.09Support*57.60 *57.29 **56.80 ***

Position Datas:

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XAUUSD

Trend Theme:Bulls slammed at critical resistance, focus is on weekly target again.

Trend Review:Gold bulls are making hard work of a tough resistance area. The focus is on the downside to weekly support on a hold below resistance. The break was only partial and the price has subsequently been knocked back below the structure. 

Today Advise:Bearish

Key Levels:

PPResistance*1842.29 *1858.17 **1868.71 ***
1831.75Support*1815.87 *1805.33 **1789.45 ***

Position Datas:

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