RedstoneFx Analyst
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Redstone Morning Analysis 17/3/2021

EUR/USD

Trend Theme:EUR/USD flirts with 1.1900 on entering the Fed day.

Trend Review:EUR/USD wavers around the round-figure following its bounce off 1.1882. EUR/USD stays steady around 1.1900, after a three-day losing streak, during the initial Asian session trading. US stimulus, reflation fears highlight today’s Fed decision. Geopolitics, vaccine jitters add challenges to the risk.

Today Advise:Bearish

Key Levels:

PPResistance*1.1942 *1.1982 **1.2012 ***
1.1912Support*1.1872 *1.1842 **1.1802 ***

Position Datas:

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NZD/USD

Trend Theme:NZD/USD: Daily downside extension on the cards in a break of support.

Trend Review:NZD/USD bears creeping back up to the table, pressing on daily support. The price is starting to drawing in the bear’s attention once again from a daily perspective. Bears can look for a 4-hour entry on a break of daily support. 

Today Advise:Bearish

Key Levels:

PPResistance*0.7206 *0.7226 **0.7245 ***
0.7187Support*0.7166 *0.7147 **0.7127 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI jumps back to $65.00 level following bullish API inventory numbers.

Trend Review:Tuesday marked a third consecutive day of selling for crude oil markets; front-month futures contracts for West Texas Intermediary (WTI) at one point dropped under $64.00, but by the end of US trade had recovered back to just under the $65.00 level, down a modest (by crude oil’s standards) 0.7% or 40 cents on the day.

Today Advise:Bullish

Key Levels:

PPResistance*65.70 *66.38 **67.29 ***
64.78Support*64.10 *63.18 **62.50 ***

Position Datas:

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XAUUSD

Trend Theme:Gold eases above $1,700 as risk dwindles ahead of Fed.

Trend Review:Gold fades bounce off $1,726, struggles for a clear direction off-late. Vaccine crisis, pre-Fed caution join threats from Iran, North Korea to weigh on the mood. US Treasury yields regain 1.60% level, stock futures track Wall Street benchmarks in trading mixed.

Today Advise:Bullish

Key Levels:

PPResistance*1739.64 *1747.92 **1754.63 ***
1732.93Support*1724.65 *1717.94 **1709.66 ***

Position Datas:

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