RedstoneFx Analyst
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Redstone Morning Analysis 17/9/2021

USD/JPY

Trend Theme:USD/JPY rallies to 109.80-85 region amid broad-based USD strength.

Trend Review:USD/JPY gained strong traction on Thursday and snapped two days of the losing streak. A strong pickup in the USD demand was seen as a key factor driving the pair higher. The momentum picked up pace following the release of mostly upbeat US macro data.

Today Advise:Bullish

Key Levels:

PPResistance*109.96 *110.20 **110.58 ***
109.59Support*109.35 *108.97 ** 108.73 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD seesaws near 0.7300 after flashing three-week low on strong USD.

Trend Review:AUD/USD consolidates recent losses close to 0.7300 during the second weekly fall amid Friday’s Asian session. The Aussie pair dropped to the lowest since August 27 the previous day amid broad US dollar strength, as well as downbeat catalysts at home. 

Today Advise:StronglyBearish

Key Levels:

PPResistance*0.7332 *0.7377 **0.7406 ***
0.7303Support*0.7258 *0.7229 **0.7184 ***

Position Datas:

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WTI

Trend Theme:WTI: Thursday’s Doji challenges oil buyers above $72.00.

Trend Review:WTI takes offers around $72.30 to refresh intraday low during early Friday. The oil benchmark posted a bearish candlestick near the highest levels since early August the previous day, suggesting a pullback in the commodity prices. A convergence of the resistance-turned-support, 20-DMA and 50-DMA between $69.00 and $69.30 becomes strong support to watch during the further weakness.

Today Advise:Bullish

Key Levels:

PPResistance*72.94 *73.54 ** 74.36 ***
72.12Support*71.53 *70.71 **70.11 ***

Position Datas:

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XAU/USD

Trend Theme:Gold rebound remains elusive below $1,786, US data, Fed in focus.

Trend Review:Gold picks up bids to refresh intraday high around $1,758, up 0.20% on a day, licking its wounds during early Friday. The precious metal dropped the most since August 06 the previous day on escalated chatters over the Fed’s tapering during the next week.

Today Advise:Bullish

Key Levels:

PPResistance*1784.83 *1815.92 **1835.64 ***
1765.11Support*1734.02 *1714.30 **1683.21 ***

Position Datas:

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