RedstoneFx Analyst
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Redstone Morning Analysis 18/3/2021

USD/JPY

Trend Theme:USD/JPY is in freefall as USD plummets on dovish Fed.

Trend Review:USD/JPY is falling with a strong supply in the US dollar. At the time of writing, the pair is down 0.13% having dropped from a high of 109.32 to a recent low of 108.78. 

Today Advise:Bearish

Key Levels:

PPResistance*109.19 *109.55 **109.78***
108.97Support*108.61 *108.39 **108.03 ***

Position Datas:

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GBP/USD

Trend Theme:GBP/USD jumps well above 1.39 on dovish Fed message.

Trend Review:GBP/USD has jumped above 1.39 and continues higher after the Fed’s guidance points to no hikes through 2023. Sterling awaits Thursday’s BOE decision.

Today Advise:Bullish

Key Levels:

PPResistance*1.4007 *1.4049 **1.4127 ***
1.3929Support*1.3887 *1.3809 **1.3766 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI still supported above $64.00 level, aided by dovish Fed-induced risk on.

Trend Review:Wednesday marked a fourth consecutive day of losses for crude oil markets, with front-month futures contracts for the American benchmark for sweet light crude oil (WTI) dropping another 40 cents to close the day just under $64.50. 

Today Advise:Bearish

Key Levels:

PPResistance*65.35 *66.25 **67.11 ***
64.50Support*63.60 *62.74 **61.84 ***

Position Datas:

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XAUUSD

Trend Theme:Gold bulls battle key hurdle around $1,750 amid Federal Reserve aftershocks.

Trend Review:Gold remains nearly the yearly high after posting the biggest rally in over a week. Fed refrained from immediate rate hike signals, revised up economic forecasts. China eyes reversal of Trump-era policies during Thursday’s virus meeting with US President Joe Biden.

Today Advise:Bullish

Key Levels:

PPResistance*1756.65 *1768.01 **1784.29 ***
1740.37Support*1729.01 *1712.73 **1701.37 ***

Position Datas:

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