RedstoneFx Analyst
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Redstone Morning Analysis 19/2/2021

USD/JPY

Trend Theme: USD/JPY eases back towards mid-105.00s as US dollar wanes.

Trend Review:After printing an almost perfect double top on Wednesday at 106.20, USD/JPY has continued it to reverse lower on Thursday. Aiding the pair bounce at the 105.60 mark was support in the form of the Tuesday Asia Pacific high at 105.63, and also perhaps some buyers coming in ahead of the pair’s 200-day moving average which resides at 105.53.

Today Advise:Bearish

Key Levels:

PPResistance*105.85 *106.05 **106.18 ***
105.73Support*105.53 *105.40 **105.20 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD clings to mild gains below 0.7800 on weaker-than-expected Aussie Retail Sales.

Trend Review:AUD/USD wavers in a choppy range between 0.7765 and 0.7775 off-late. Australia’s preliminary Retail Sales for January eased below forecast of 2.0% but recovered from -4.1% prior. Market sentiment remains sluggish amid no major progress on US stimulus talks, fears of coivd variants.

Today Advise:Bullish

Key Levels:

PPResistance*0.7796 *0.7824 **0.7856 ***
0.7763Support*0.7735 *0.7703 **0.7675 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI back below $61.00, tracking equity market downside.

Trend Review:After a stunning recent run to the upside, crude oil markets have come off the boil a little on Thursday; front-month futures contracts for the delivery of West Texas Intermediary (WTI), the US benchmark for sweet light crude oil, are back below the $61.00 mark and down about 40 cents or 0.7% on the day.

Today Advise:Bearish

Key Levels:

PPResistance*61.61 *63.16 **64.07 ***
60.71Support*59.16 *58.25 **56.70 ***

Position Datas:

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XAUUSD

Trend Theme:Sellers attack November 2020 low as US Treasury yields nurse losses.

Trend Review:Gold refreshes three-month low, defies the previous day’s bounce off $1,768. Risks dwindle following downbeat US data, fears of inability to tame the virus strains. Absence of major update on the US covid relief stimulus also challenges the mood.

Today Advise:Bearish

Key Levels:

PPResistance*1786.85 *1798.95 **1808.15 ***
1777.65Support*1765.55 *1756.35 **1744.25 ***

Position Datas:

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