RedstoneFx Analyst
by
on

Redstone Morning Analysis 17/2/2021

USD/CAD

Trend Theme: 200-HMA, two-week-old hurdle probe bulls below 1.2700.

Trend Review:USD/CAD picks up bids around 1.2690 while trying to extend the previous day’s upside momentum during the initial Asian session on Wednesday. In doing so, the quote holds above 100-HMA amid the strong RSI conditions. Weekly horizontal support restricts the short-term seller’s entry.

Today Advise:Bullish

Key Levels:

PPResistance*1.2720 *1.2758 **1.2813 ***
1.2665Support*1.2627 *1.2572 **1.2535 ***

Position Datas:

————————————————————————————————-

USD/JPY

Trend Theme:USD/JPY surges to fresh five-month highs above 106.00.

Trend Review:USD/JPY shot to the upside on Tuesday, driven primarily by a significant widening of US/Japanese rate differentials. USD/JPY closed Tuesday FX trade 0.6% or nearly 70 pips higher. Looking ahead, Japanese trade data from January will be released at 23:50GMT, but is unlikely to impact USD/JPY too much, with traders more focused on movements in the US bond market.

Today Advise:StronglyBullish

Key Levels:

PPResistance*106.20 *106.48 **106.98 ***
105.69Support*105.41 *104.90 **104.63 ***

Position Datas:

—————————————————————————————————

WTI-OIL

Trend Theme:WTI struggles to keep $60.00 even as deep freeze cuts US oil output by a third, API data eyed.

Trend Review:WTI eases from the late Tuesday’s top surrounding $60.30, currently around $60.15, while trying to extend recovery moves to Wednesday’s Asian session. In doing so, the black gold battles the US dollar gains and supply outage from Texas.

Today Advise:Bullish

Key Levels:

PPResistance*60.58 *60.92 **61.53 ***
59.96Support*59.62 *59.01 **58.67 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold stays depressed below $1,800, eyes US Treasury yields.

Trend Review:Gold remains on the back foot around $1,795, failing to defy the heaviest losses in two weeks, amid the initial Asian session on Wednesday. Risk-on mood gain momentum with the American covid relief package eyed by March 08.

Today Advise:Bullish

Key Levels:

PPResistance*1818.05 *1840.79 **1855.05 ***
1803.79Support*1781.05 *1766.79 **1744.05 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^