RedstoneFx Analyst
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Redstone Morning Analysis 19/4/2021

GBP/USD

Trend Theme:GBP/USD: 200-SMA, previous resistance line test pullback above 1.3800.

Trend Review:GBP/USD consolidates recent gains around 1.3825 amid Monday’s Asian session. The cable sellers jostle with an ascending support line, previous resistance, from April 08 and 200-SMA while staying below a one-month-long resistance line.

Today Advise:Bearish

Key Levels:

PPResistance*1.3879 *1.3926 **1.4007 ***
1.3798Support*1.3751 *1.3670 **1.3623 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY: Bulls seeking a significant correction from support.

Trend Review:It is a quiet start in most of the forex space, including USD/JPY. At the time of writing, USD/JPY is trading flat on the session and has hardly budged during the Tokyo open. The day would be expected to lean slightly in favour of risk considering the risk-on session on Wall Street.

Today Advise:StronglyBearish

Key Levels:

PPResistance*108.96 *109.14 **109.31 ***
108.79Support*108.61 *108.43 **108.25 ***

Position Datas:

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WTI/USD

Trend Theme:WTI struggles to regain $63.00 amid quiet Asian session.

Trend Review:WTI holds lower ground, extends Friday’s pullback from monthly top. Challenges to US President Joe Biden’s stimulus, lack of fresh positives for oil back consolidation moves. S&P 500 Futures drop 0.20%, Tokyo open eyed amid vaccine hopes, geopolitical tension.

Today Advise:Bearish

Key Levels:

PPResistance*63.74 *64.36 **64.78 ***
63.31Support*62.69 *62.26 **61.64 ***

Position Datas:

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XAUUSD

Trend Theme:Gold: Bulls come up for their last breaths?

Trend Review:Gold bulls taking the lead in the open and price moves to test resistance. Key support holding thus far, bulls on track for 1,795 target. After making a -61.8% Fibonacci retracement of the prior daily correction’s rage, the price has developed an overextended W-formation on the daily chart.

Today Advise:StronglyBullish

Key Levels:

PPResistance*1785.79 *1796.84 **1809.82 ***
1772.81Support*1761.76 *1748.78 **1737.73 ***

Position Datas:

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