RedstoneFx Analyst
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Redstone Morning Analysis 19/3/2021

AUD/USD

Trend Theme:AUD/USD: Pressured below 0.7800 on strong Treasury yields, focus on Aussie Retail Sales.

Trend Review:AUD/USD stays depressed after slipping from monthly top to print the heaviest fall in two weeks. Sino-American tension, reflation fears weigh on risks despite vaccine optimism, upbeat data from Australia, US also ignored. Aussie Retail Sales, updates from US-China virtual meeting eyed.

Today Advise:Bullish

Key Levels:

PPResistance* 0.7824 *0.7888 **0.7925 ***
0.7786Support*0.7722 *0.7685 **0.7621 ***

Position Datas:

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USD/CAD

Trend Theme:USD/CAD bulls eye a significant retracement of daily bearish impulse.

Trend Review:The commodity-linked cross is currently trading at 1.2463 and higher by 0.47% at the time of writing having climbed from a low of 1.2365 to a high of 1.2481. 

Today Advise:Bearish

Key Levels:

PPResistance*1.2554 *1.2621 **1.2715 ***
1.2460Support*1.2393 *1.2298 **1.2232 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI drops back below $62.00 amid vaccine rollout concerns and technical selling.

Trend Review:It’s been an ugly session for crude oil markets, with selling in the complex accelerating upon the arrival of US market participants from 11:00GMT. Front-month futures contracts for the American benchmark for sweet light crude oil, West Texas Intermediary or WTI, have dropped all the way below $62.00 from Asia Pacific and early European session levels in the $64.00s.

Today Advise:Bearish

Key Levels:

PPResistance*63.53 *67.47 **70.07 ***
60.93Support*56.99 *54.39 **50.45 ***

Position Datas:

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XAUUSD

Trend Theme:Gold retreats below $1,750 as Sino-American tension escalates.

Trend Review:Gold fades bounce off $1,719.70, drops for second consecutive day. US-China squabbles from Alaska join reflation fears but vaccine hopes seem to help S&P 500 Futures to print mild gains. BOJ, updates from Alaska and bond yields are the key.

Today Advise:Bullish

Key Levels:

PPResistance*1755.21 *1773.54 **1791.50 ***
1737.25Support*1718.92 *1700.96 **1682.63 ***

Position Datas:

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