RedstoneFx Analyst
by
on

Redstone Morning Analysis 14/1/2021

USD/CAD

Trend Theme:USD/CAD pares daily gains, retreats below 1.2700 on renewed USD weakness.

Trend Review:The USD/CAD pair climbed to a daily high of 1.2747 in the early American session but failed to preserve its bullish momentum. As of writing, the pair was down 0.15% on a daily basis at 1.2689.

Today Advise:Bullish

Key Levels:

PPResistance*1.2738 *1.2776 **1.2804 ***
1.2709Support*1.2671 *1.2643 **1.2605 ***

Position Datas:

—————————————————————————————————

AUD/USD

Trend Theme:AUD/USD continues consolidation within pennant since start of 2021, breakout likely.

Trend Review:AUD/USD back below the 0.7750 mark on Wednesday, closing with losses of about 0.5%. Focus will be on events stateside this week, with Biden unveiling stimulus plans, Fed Chair Powell and plenty of data.

Today Advise:Bullish

Key Levels:

PPResistance*0.7772 *0.7807 **0.7833 ***
0.7747Support*0.7712 *0.7686 **0.7651 ***

Position Datas:

—————————————————————————————————

WTI-OIL

Trend Theme:WTI choppy either side of $53.00 after pulling back from fresh 11-month highs.

Trend Review:No headline, piece of new or theme, in particular, was behind the downside at the time. Rather it appears as if there was just a sudden rush to take profits, given that crude oil markets had advanced to fresh 11-month highs already during Wednesday’s European morning session of around $53.90.

Today Advise:Bearish

Key Levels:

PPResistance*53.70 *54.48 **55.03 ***
53.15Support*52.37 * 51.82 **51.04 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold dives out of a bear flag despite President Trump’s impeachment.

Trend Review:Gold dropped during the overnight trade despite the US political tensions. The 4-hour chart now shows a bearish continuation pattern. A renewed rally in the US yields could add to bearish pressures.

Today Advise:Bearish

Key Levels:

PPResistance*1859.38 *1869.92 **1876.69 ***
1852.61Support*1842.07 *1835.30 **1824.76 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^