RedstoneFx Analyst
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Redstone Morning Analysis 19/08/2022

EUR/USD

Trend Theme:EUR/USD clings to one-month low under 1.0100 on recession fears, hawkish Fedspeak.

Trend Review:EUR/USD dribbles around 1.0090 during the sluggish Asian session on Friday, after crashing to refresh monthly low the previous day. The major currency pair recently bear the burden of a firmer US dollar, as well as grim economic concerns at home.

Today Advise:Bearish

Key Levels:

PPResistance*1.0162 *1.0234 **1.0275 ***
1.0121Support*1.0048 *1.0007 **0.9935 ***

Weekly forecast

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AUD/USD

Trend Theme:AUD/USD slides towards monthly support line near 0.6880.

Trend Review:AUD/USD remains on the back foot as sellers attack the 0.6900 threshold while poking the two-week low during Friday’s Asian session. The Aussie pair drops for the fifth consecutive day while recently breaking the 200-SMA to the downside.

Today Advise:Bearish

Key Levels:

PPResistance*0.6996 *0.7073 **0.7125 ***
0.6944Support*0.6866 *0.6814 **0.6737 ***

Weekly forecast

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WTI

Trend Theme:OPEC Secretary General is optimistic about the outlook for next year, with bulls strong and oil prices poised to return to the 100 mark.

Trend Review:Oil prices rose more than 3.5 percent on Thursday as positive U.S. economic data and strong U.S. fuel consumption offset concerns that slower growth elsewhere could dent demand and OPEC’s secretary general gave a relatively positive outlook for next year, putting prices on track to return to the 100 mark.

Today Advise:Bullish

Key Levels:

PPResistance*91.69 *93.41 **95.81 ***
89.28Support*87.57 *85.16 **83.45 ***

Weekly forecast

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XAU/USD

Trend Theme:Gold pokes $1,750 inside falling wedge, Fedspeak, recession eyed.

Trend Review:Gold price licks its wounds around a fortnight low near $1,760, flashed the previous day, as traders seek fresh clues inside a bullish chart pattern during Friday’s initial Asian session. The precious metal dropped during the last four consecutive days amid the broad US dollar strength.

Today Advise:Bearish

Key Levels:

PPResistance*1768.94 *1779.23 **1785.99 ***
1762.18Support*1751.89 *1745.13 **1734.84 ***

Weekly forecast

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