RedstoneFx Analyst
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Redstone Morning Analysis 15/3/2021

AUD/USD

Trend Theme:AUD/USD eases from intraday top below 0.7800 on RBA’s Lowe, eyes China data.

Trend Review:AUD/USD drops from day’s high as RBA’s Lowe reiterates cautious optimism. RBA’s Lowe expects some more time before reaching inflation, employment goals. Risks benefit from comments from US Treasury Secretary Yellen, US President Biden amid mixed feelings for vaccines.

Today Advise:Bullish

Key Levels:

PPResistance*0.7801 *0.7839 **0.7878 ***
0.7763Support*0.7724 *0.7686 **0.7648 ***

Position Datas:

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NZD/USD

Trend Theme:NZD/USD: Struggles below 0.7200, awaits China Retail Sales, Industrial Production.

Trend Review:Despite a dull start to the week’s trading, NZD/USD picks up bids to 0.7185 off-late amid the early Asian session on Monday. Although the recently printed second-tier data from New Zealand (NZ) could be traced for the pair’s mildly positive performance, the kiwi bulls remain cautious ahead of the key data from China.

Today Advise:Bullish

Key Levels:

PPResistance*0.7225 *0.7271 **0.7308 ***
0.7188Support*0.7142 *0.7104 **0.7058 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI stuck in $65.60-66.20 range as strong dollar, higher yields weigh on risk assets.

Trend Review:Crude oil markets trade a little softer on the final trading day of the week, weighed by the stronger US dollar and in tandem with weakness being seen across global equity markets as investors fret about a recent and seemingly accelerating rally in US government bond yields (10-year yields have surged nearly 10bps on the day to above 1.62%). 

Today Advise:Bearish

Key Levels:

PPResistance*66.11 *66.57 **66.92 ***
65.76Support*65.30 *64.95 **64.49 ***

Position Datas:

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XAUUSD

Trend Theme:Gold bulls struggle above $1,700 amid mixed clues.

Trend Review:Gold wavers around intraday top, keeps week-start gap to the north. Risks dwindle as AstraZeneca tries to defend vaccine, US Treasury Secretary Yellen placates bond bears. China data will decorate the calendar, risk catalysts are the key.

Today Advise:Bullish

Key Levels:

PPResistance*1734.63 *1745.71 **1763.37 ***
1716.97Support*1705.89 *1688.23 **1677.15 ***

Position Datas:

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