RedstoneFx Analyst
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Redstone Morning Analysis 13/1/2021

GBP/USD

Trend Theme:GBP/USD extending the upside but naked 1.3605 to be restested.

Trend Review:GBP/USD is moving higher in Asia, printing fresh highs for the week. US dollar runs out of juice as US yields ease, pound firmer on BOE. BOE Governor Bailey talked down the prospect of negative rates in the UK.

Today Advise:Bullish

Key Levels:

PPResistance*1.3722 *1.3779 **1.3889 ***
1.3612Support*1.3555 *1.3445 **1.3388 ***

Position Datas:

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EUR/USD

Trend Theme:EUR/USD clings to 100-hour EMA amid bullish MACD.

Trend Review:EUR/USD battles the upper end of recent trading range. Bulls cheer upside break of one-week-old falling trend line amid upbeat MACD. 200-hour EMA guards immediate upside, sellers may look for entries below previous resistance line.

Today Advise:Bullish

Key Levels:

PPResistance*1.2230 *1.2255 **1.2301 ***
1.2184Support*1.2159 *1.2113 **1.2088 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI refreshes multi-month high above $53.00 on upbeat API stockpile data, focus on EIA figures.

Trend Review:WTI remains on the front foot after the American Petroleum Institute (API) data propelled the quote to a fresh multi-day high of $53.44 during the early Asian session on Wednesday. The energy benchmark also benefited from the upbeat sentiment and US dollar weakness ahead of the official inventory data from the US Energy Information Administration (EIA).

Today Advise:StronglyBullish

Key Levels:

PPResistance*53.60 *54.05 **54.81 ***
52.84Support*52.39 * 51.63 **51.17 ***

Position Datas:

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XAUUSD

Trend Theme:Gold raises a bear flag on the 4-hour chart.

Trend Review:Gold gains ground in Asia as the US 10-year yield extends overnight drop. The bounce from Monday’s one-month low of $1,816 has taken the shape of a bear flag pattern on the 4-hour chart. A move below the lower end of the flag would confirm a breakdown.

Today Advise:Bearish

Key Levels:

PPResistance*1867.59 *1879.25 **1894.68 ***
1852.16Support*1840.50 *1825.07 **1813.41 ***

Position Datas:

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