RedstoneFx Analyst
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Redstone Technical Report 11/1/2021

GBPUSD

With the recent release of the US employment report that was not generally bad, the British pound fell from the target level of 1.3624, and today it lost another 65 points. The Marlin oscillator has entered negative territory. We are waiting for the price at the MACD line in the 1.3325 area. Overcoming this support opens up new targets for the medium-term downward movement.

The four-hour chart shows that the price surpassed the signal level of 1.3537 this morning, which opened its way to the 1.3325 target. Yesterday the price turned down from the MACD line and the Marlin oscillator turned around from the border of the growth area.

EURUSD

The daily chart shows that the euro is initially aiming for 1.2050 – the MACD indicator line. If the price moves below the line, the second target will be 1.1885. But first, the price must overcome the 1.2152/77 range that was created by the extremes on December 23 and 4. There may be a slight correction from it. The Marlin Oscillator is in the downward trend zone, where it entered very decisively.

The four-hour chart shows that the price began to accelerate to the downside, from the area where the balance and MACD indicator lines coincide. The short-term trend is decreasing.

AUDUSD

The Australian dollar is more determined to fall this morning than it was on Friday or Thursday. The signal line of the Marlin oscillator goes below the lower boundary of its own channel on the daily chart. Obviously, the transition of the entire indicator into the negative zone is a matter that will be dealt in the near future. The aussie’s closest target is 0.7641, then 0.7465 (or slightly below the development of the MACD line).

The four-hour chart shows that the price has overcome the MACD line, while Marlin is in the zone of negative values, the situation is completely downward on this timeframe.

USDJPY

The price is approaching the first target of 104.30. Once the quote has surpassed the level, it will aim for the second target (105.54) along the trendline of the higher price channel.

The four-hour chart shows that for all indicators, the mood for growth remains with one nuance – the signal line of the Marlin oscillator lies within the range, which warns that the quote might overcome resistance at around 104.30, not just once. But maybe it could only happen the following day.

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