RedstoneFx Analyst
by
on

Redstone Morning Analysis 1/2/2021

EUR/USD

Trend Theme:EUR/USD: Fears limit demand for high-yielding assets.

Trend Review:The EUR/USD saw little action on Friday, ending the week with modest losses, but within familiar levels in the 1.2130 price zone. The pair is technically neutral, could turn bearish below 1.2060.

Today Advise:StronglyBearish

Key Levels:

PPResistance*1.2163 *1.2190 **1.2224 ***
1.2129Support*1.2101 *1.2067 **1.2039 ***

Position Datas:

—————————————————————————————————

GBP/USD

Trend Theme:GBP/USD wavers around 1.3700 amid mixed covid vaccine news, hints of UK’s recovery plan.

Trend Review:GBP/USD picks up bids, shrugs off late Friday’s pullback. EU’s Von der Leyen conveys difficult situation for vaccines despite AstraZeneca’s additional delivery. UK PM Johnson, chancellor Rishi Sunak discuss pre-Budget “recovery plan” as record vaccinations trigger optimism at home.

Today Advise:Bullish

Key Levels:

PPResistance*1.2865 *1.2920 **1.2959 ***
1.3702Support*1.3747 *1.3796 **1.3842 ***

Position Datas:

—————————————————————————————————

WTI-OIL

Trend Theme:WTI still rangebound between $52.00-low-$53.00s amid ongoing market indecision.

Trend Review:Crude oil market indecision has continued on the final trading day of the week; front-month WTI futures have very much stuck to the week’s prior established range of between the $52.00 and low-$53.00s.

Today Advise:StronglyBearish

Key Levels:

PPResistance*52.92 *53.70 **54.22 ***
52.41Support*51.63 *51.11 **50.33 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold fills the gap above $1,850 inside immediate ascending triangle.

Trend Review:Gold consolidates the intraday losses, drops toward filling the day-start gap on the upside. Given the bearish MACD favoring the quote’s further downside, gold sellers will wait for a clear break of the triangle’s support for fresh entries.

Today Advise:Bullish

Key Levels:

PPResistance*1865.19 *1888.46 **1901.21 ***
1852.44Support*1829.17 *1816.42 **1793.15 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^