RedstoneFx Analyst
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Redstone Morning Analysis 19/1/2021

GBP/USD

Trend Theme:GBP/USD: Monday’s bullish pin bar keeps buyers hopeful.

Trend Review:GBP/USD picks up bids around 1.3590 amid the initial Asian trading session on Tuesday. The Cable justifies its bounce off 21-day SMA and a bullish pin bar candlestick pattern on the daily (1D) chart. Monthly resistance line adds to the upside barriers.

Today Advise:Bearish

Key Levels:

PPResistance*1.3622 *1.3657 **1.3708 ***
1.3571Support*1.3535 *1.3485 **1.3449 ***

Position Datas:

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NZD/USD

Trend Theme:NZD/USD: Sellers attack 0.7100 during three-day downtrend despite positives at home.

Trend Review:NZD/USD stays mildly offered near three-week low, recently bounced off intraday low. The kiwi pair fades bounce off 0.7096, the lowest level since December 29 flashed the previous day, despite welcome fundamentals from New Zealand. New Zealand to require a pre-departure covid test from next week amid fears of virus spread.

Today Advise:Bearish

Key Levels:

PPResistance*0.7139 *0.7164 **0.7185 ***
0.7117Support*0.7092 *0.7071 **0.7046 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI looks for clear direction near one-week low around $52.00.

Trend Review:WTI fades recent corrective pullback from $51.80 while easing to $52.16 amid the initial Asian session on Tuesday. Even so, the oil benchmark manages to avoid losses despite declining to one week low the previous day.

Today Advise:Bearish

Key Levels:

PPResistance*52.57 *52.97 **53.34 ***
52.19Support*51.79 *51.41 **51.01 ***

Position Datas:

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XAUUSD

Trend Theme:XAU/USD fades recovery moves below $1,850, awaits fresh clues.

Trend Review:Gold eases from the top of an immediate $10 trading range while declining to $1,837 at the start of Tuesday’s Asian session. The yellow metal took a U-turn from the lowest since December 01 the previous day as the US dollar stepped back after refreshing the one-month high.

Today Advise:Bearish

Key Levels:

PPResistance*1851.06 *1864.99 **1889.12 ***
1826.93Support*1813.00 *1788.87 **1774.94 ***

Position Datas:

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