RedstoneFx Analyst
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Redstone Morning Analysis 15/1/2021

USD/JPY

Trend Theme:USD/JPY slips back below 104.00 level as Powell reiterates Fed accommodative stance.

Trend Review:USD/JPY saw downside as a function of USD weakness in the runup to comments from the Chairman of the US Federal Reserve Jerome Powell, dropping back beneath the 104.00 level to hit lows at 103.65.

Today Advise:StronglyBearish

Key Levels:

PPResistance*104.08 *104.46 **104.72 ***
103.82Support*103.45 *103.19 **102.82 ***

Position Datas:

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GBP/USD

Trend Theme:GBP/USD climbs to highest level since May 2018 above 1.3700.

Trend Review:GBP/USD extended its rally in the second half of the day and touched its highest level since May 2018 at 1.3709. The broad-based selling pressure surrounding the greenback continues to fuel the pair’s upside.

Today Advise:Bullish

Key Levels:

PPResistance*1.3730 *1.3767 **1.3824 ***
1.3673Support*1.3636 *1.3580 **1.3543 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI crude subdued below $53.00 as market await key Powell and Biden speeches.

Trend Review:WTI crude oil currently trades flat during what has thus far been choppy directionless trade. Front-month WTI futures currently trade just beneath the $53.00 level. 

Today Advise:StronglyBullish

Key Levels:

PPResistance*54.19 *54.71 **55.66 ***
53.25Support*52.73 *51.78 **51.26 ***

Position Datas:

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XAUUSD

Trend Theme:Gold Bears testing bullish commitments at 200 dma.

Trend Review:Gold flirting with the 200-DMA as markets await Biden’s rescue plan. Rising rates continue to place a wet towel on gold markets with spot gold now flirting with a break below the 200-DMA.

Today Advise:Bullish

Key Levels:

PPResistance*1860.43 *1873.55 **1889.49 ***
1844.49Support*1831.37 *1815.43 **1802.31 ***

Position Datas:

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