RedstoneFx Analyst
by
on

Redstone Morning Analysis 16/2/2021

GBP/USD

Trend Theme: GBP/USD steadies at multi-year highs above 1.3900 level.

Trend Review:GBP has been the outperforming currency on Monday amid ongoing vaccine and UK economic reopening optimism. GBP/USD has climbed above the 1.3900 level to set fresh multi-year highs.

Today Advise:StronglyBullish

Key Levels:

PPResistance*1.3939 *1.3971 **1.4023 ***
1.3887Support*1.3854 *1.3802 **1.3769 ***

Position Datas:

—————————————————————————————————

AUD/USD

Trend Theme:AUD/USD stays bid at one-month highs after dovish RBA minutes.

Trend Review:The AUD/USD pair remains bid at one-month highs even as minutes of the Reserve Bank of Australia’s (RBA) February meeting call for continued monetary stimulus. Key quotes: Cash rate (benchmark interest rate) to be kept at ten bps as long as is necessary.

Today Advise:Bullish

Key Levels:

PPResistance*0.7795 *0.7809 **0.7827 ***
0.7777Support*0.7763 *0.7745 **0.7731 ***

Position Datas:

—————————————————————————————————

WTI-OIL

Trend Theme:WTI struggles to keep $60.00 despite fresh risks over US-Iran terms.

Trend Review:WTI eases from yearly top to $60.05 by the end of Monday’s settlement period. The energy benchmark ignores the latest headlines concerning the attack over the US base in Northern Iraq. In addition to the death of one US service member, reports of injuries could be found for one US service member and five civilian contractors. 

Today Advise:StronglyBullish

Key Levels:

PPResistance*60.69 *61.32 **61.86 ***
60.15Support*59.51 *58.97 **58.34 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold in wait-and-see mode ahead of busy week.

Trend Review:Spot gold prices (XAU/USD) dropped on the first trading day of the week, despite broad weakness seen in the US dollar and strength seen in other precious metals, including silver, platinum and palladium. Gold markets seem to be in wait-and-see mode ahead of what will be a very busy week.

Today Advise:StronglyBearish

Key Levels:

PPResistance*1824.62 *1831.34 **1835.57 ***
1820.39Support*1813.67 *1809.44 **1802.72 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^