RedstoneFx Analyst
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Redstone Morning Analysis 18/2/2021

EUR/USD

Trend Theme: EUR/USD languishes under 1.2050, weighed by strong US data.

Trend Review:EUR/USD slumped on Wednesday and has dropped below 1.2050, weighed by strong US data. EUR/USD trades with losses of about 0.5%. A dovish FOMC minutes release did not impact price action at all.

Today Advise:Bearish

Key Levels:

PPResistance*1.2095 *1.2148 **1.2184 ***
1.2059Support*1.2006 *1.1970 **1.1917 ***

Position Datas:

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GBP/USD

Trend Theme:Bulls coming up for their last breath?

Trend Review:GBP/USD is on the verge of another higher high to stretch the pair towards the psychological 1.40 area. The focus should be on 4-hour resistance structure, and a breach will open prospects of another bullish daily impulse. 

Today Advise:Bullish

Key Levels:

PPResistance*1.3907 *1.3949 **1.3988 ***
1.3868Support*1.3825 *1.3787 **1.3744 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI refreshes multi-month high above $61.50 on bullish API data, EIA inventories eyed.

Trend Review:WTI takes bids near $61.70, the fresh high since January 2020, during the early Asian session on Thursday. The oil benchmark recently gained bids on the lower-than-previous weekly inventory data from the American Petroleum Institute (API). EIA data, China’s return will be the key.

Today Advise:Bullish

Key Levels:

PPResistance*61.83 *62.44 **63.57 ***
60.70Support*60.10 *58.96 **58.36 ***

Position Datas:

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XAUUSD

Trend Theme:Gold nurses losses below $1800, China’s return, US dollar moves in focus.

Trend Review:Gold bears catch a breather around November 30 low after consecutive five days of declines. Gold struggles to overcome the lowest levels in 12 weeks, marked the previous day, with a brief bounce to $1,776 amid the early Asian session on Thursday.

Today Advise:Bullish

Key Levels:

PPResistance*1790.57 *1806.39 **1816.86 ***
1780.10Support*1764.28 *1753.81 **1737.99 ***

Position Datas:

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