RedstoneFx Analyst
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Redstone Morning Analysis 02/12/2022

GBP/USD

Trend Theme:GBP/USD retreats from five-month top towards 1.2200 as Cable traders await US NFP.

Trend Review:GBP/USD takes a U-turn from the highest levels since late June, marked the previous day, as markets consolidate ahead of the key US employment report for November during early Friday. That said, the Cable pair refreshes intraday low near 1.2230 by the press time.

Today Advise:Bearish

Key Levels:

PPResistance*1.2354 *1.2465 **1.2619 ***
1.2200Support*1.2089 *1.1935 **1.1824 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY licks its wounds at 15-week low, focus on BOJ’s Kuroda, US NFP.

Trend Review:USD/JPY remains sidelined after declining to the lowest levels since mid-August. Cautious mood ahead of the key US data, speech from BOJ’s Kuroda probe bears after heavy downside. Chatters surrounding BOJ’s tweak propel the Yen, higher odds favoring Fed’s 50 bps rate hike weigh on US Dollar.

Today Advise:Bearish

Key Levels:

PPResistance*137.24 *139.16 **140.17 ***
136.22Support*134.30 *133.29 **131.36 ***

Weekly forecast

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WTI

Trend Theme:Weak U.S. dollar + eased demand concerns, oil prices are rising, pay attention to non-agricultural data.

Trend Review:Oil prices rose more than 1% on Thursday, having risen more than 3% earlier in the session, helped by a weaker dollar and hopes of improving fuel demand, with the G7 group saying it was “very, very close” to a deal on a Russian oil price cap, while Biden He and Macron jointly stated that they want Russia to pay the price for its aggression against Ukraine, and will focus on non-agricultural data within days.

Today Advise:Bullish

Key Levels:

PPResistance*83.03 *84.82 **86.34 ***
81.51Support*79.72 *78.20 **76.41 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold approaches $1,807 hurdle ahead of United States Nonfarm Payrolls.

Trend Review:Gold price (XAU/USD) refreshed a four-month high above $1,800 before taking rounds to $1,805-07 during early Friday morning in Asia. In doing so, the yellow metal portrays the market’s cautious mood ahead of the key catalysts.

Today Advise:Bullish

Key Levels:

PPResistance*1815.79 *1828.14 **1852.06 ***
1791.87Support*1779.52 *1755.60 **1743.25 ***

Weekly forecast

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