RedstoneFx Analyst
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Redstone Morning Analysis 16/3/2021

USD/JPY

Trend Theme:USD/JPY consolidates above 109.00 level, just off multi-month highs.

Trend Review:USD/JPY has traded flat for most of Monday’s session, amid subdued US dollar trading conditions. The pair did manage to squeeze out fresh multi-month highs above last Tuesday’s 109.23 high during Asia Pacific trade, but has since spent the majority of the rest of Monday trade consolidating between 109.00-109.20 parameters.

Today Advise:Bullish

Key Levels:

PPResistance*109.36 *109.59 **109.81 ***
109.14Support*108.90 *108.68 **108.45 ***

Position Datas:

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GBP/USD

Trend Theme:GBP/USD: Bulls and bears jostle around 1.3900.

Trend Review:GBP/USD struggles to keep late Monday’s recovery moves from 1.3852. Bearish momentum, failures to cross short-term resistance line favor sellers. 50-day SMA, 4.5-month-old support line challenge further downside.

Today Advise:Bullish

Key Levels:

PPResistance*1.3945 *1.3996 **1.4042 ***
1.3899Support*1.3848 *1.3802 **1.3751 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI stays calm above $65 after closing in the red last week.

Trend Review:Crude oil prices are fluctuating in a narrow band on Monday amid a lack of significant fundamental drivers. The barrel of West Texas Intermediate (WTI), which lost 1% last week, is currently trading flat on the day at $65.55.

Today Advise:Bearish

Key Levels:

PPResistance*66.42 *67.54 **68.65 ***
65.32Support*64.20 *63.09 **61.97 ***

Position Datas:

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XAUUSD

Trend Theme:Gold bulls stepping up to plate.

Trend Review:Gold prices on the verge of significant upside correction. Overnight, the yellow metal was attempting to break a key resistance area, albeit without conviction, travelling within a tight $1,721.72 and $1,734.57 range and ended by the bell on Wall Street up 0.25%.

Today Advise:Bullish

Key Levels:

PPResistance*1737.08 *1742.31 **1750.00 ***
1729.39Support*1724.16 *1716.47 **1711.24 ***

Position Datas:

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