RedstoneFx Analyst
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Redstone Morning Analysis 18/08/2022

EUR/USD

Trend Theme:EUR/USD: Bulls have a bumpy road ahead, 1.0210 guards immediate recovery.

Trend Review:EUR/USD recovery remains sluggish at around 1.0180 as bulls approach the short-term key hurdles during Thursday’s Asian session. Even so, steady RSI and an upward sloping support line from late July challenge the bears. 

Today Advise:Bullish

Key Levels:

PPResistance*1.0207 *1.0234 **1.0265 ***
1.0176Support*1.0150 *1.0119 **1.0092 ***

Weekly forecast

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USD/JPY

Trend Theme:USD/JPY traces yields to retreat towards 134.50, wage growth, recession woes in focus.

Trend Review:USD/JPY takes offers to renew intraday low near 134.90 as it consolidates weekly gains on Thursday’s Tokyo open. The yen pair’s latest weakness could be linked to the chatters surrounding the Japan-China ties and employment conditions in the Asian major. .

Today Advise:Bearish

Key Levels:

PPResistance*135.72 *136.40 **137.31 ***
134.81Support*134.12 *133.22 **132.53 ***

Weekly forecast

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WTI

Trend Theme:Oil prices rise from six-month low as stocks Plunge Russia’s Black Sea fleet chief sacked.

Trend Review:Oil prices edged up on Wednesday after hitting their lowest in six months, as a sharp drop in U.S. crude inventories outweighed concerns about rising Russian production and exports and a recession. Short line or oscillation is more; But caution is needed before a deal is struck.

Today Advise:Bullish

Key Levels:

PPResistance*88.53 *90.17 **91.70 ***
87.00Support*85.35 *83.83 **82.18 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold reverses Fed Minutes inspired gains, $1,735 in focus.

Trend Review:Gold remains pressured around two-week low, down for the fourth consecutive day. Fed Minutes signalled policymakers’ support for restrictive rates despite suggesting a retreat from faster rate hike before long. US data, economic fears added to the market’s favor for the US dollar, weighing on XAU/USD.

Today Advise:Bearish

Key Levels:

PPResistance*1776.19 *1790.58 **1798.74 ***
1768.03Support*1753.64 *1745.48 **1731.09 ***

Weekly forecast

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