RedstoneFx Analyst
by
on

Redstone Morning Analysis 18/1/2021

EUR/USD

Trend Theme:EUR/USD: Bears hold the grip, critical challenge at 1.2000.

Trend Review:The greenback firmed up at the end of the week, closing it with substantial gains against most major rivals. Renewed coronavirus concerns and poor macroeconomic data spurred risk-off. EUR/USD is firmly bearish and poised to defy bull’s determination around 1.2000.

Today Advise:StronglyBearish

Key Levels:

PPResistance*1.2136 *1.2195 **1.2225 ***
1.2107Support*1.2048 *1.2018 **1.1960 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD: Bears attack 0.7700 ahead of China GDP.

Trend Review:AUD/USD extends Friday’s downbeat momentum towards the 0.7700 threshold at the start of Monday’s Asian session. The Aussie pair declined the most since late October the previous day as the US dollar benefitted from the risk-off mood.

Today Advise:StronglyBearish

Key Levels:

PPResistance*0.7772 *0.7836 **0.7881 ***
0.7726Support*0.7662 *0.7617 **0.7553 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI drops briefly back below $52.00 amid risk off market conditions.

Trend Review:The front-month futures contract for the American benchmark for sweet light crude oil, West Texas Intermediary (WTI), has been on the back foot on the final trading day of the week. 

Today Advise:Bullish

Key Levels:

PPResistance*53.44 *54.64 **55.41 ***
52.66Support*51.47 *50.69 **49.50 ***

Position Datas:

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XAUUSD

Trend Theme:Gold: Sellers eye $1,800 despite recently mixed clues.

Trend Review:Gold prices stays heavy near $1,820 during the initial Asian session on Monday. The yellow metal declined heavily on Friday as the market’s risk-off mood favored the US dollar. China data can entertain traders amid US off, risk catalysts keep the driver’s seat.

Today Advise:StronglyBearish

Key Levels:

PPResistance*1847.37 *1869.01 **1880.99 ***
1835.39Support*1813.75 *1801.77 **1780.13 ***

Position Datas:

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