RedstoneFx Analyst
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Redstone Morning Analysis 2/2/2021

USD/JPY

Trend Theme:USD/JPY: Fades upside momentum near 11-week top.

Trend Review:Despite the recent bounce off 104.85 to 104.90, USD/JPY prints 0.07% intraday losses, the first negative in five days, during Tuesday’s Asian trading. In doing so, the quote steps back from the highest since mid-November amid easing RSI from nearly overbought conditions.

Today Advise:Bullish

Key Levels:

PPResistance*105.12 *105.29 **105.55 ***
104.87Support*104.70 *104.44 **104.27 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD firmer near 0.7650 ahead of RBA rate decision.

Trend Review:AUD/USD performer well compared to other G10/USD major pairings on Monday, finishing the day flat close to 0.7620 in contrast to its risk-sensitive G10 peers such as CAD and NZD which both succumbed to US dollar strength.

Today Advise:StronglyBearish

Key Levels:

PPResistance*0.7653 *0.7687 **0.7711 ***
0.7630Support*0.7596 *0.7573 **0.7539 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI trades modestly higher, stays below $53.

Trend Review:Crude oil prices continue to fluctuate in a relatively tight range on Monday after closing the previous week little changed. As of writing, the barrel of West Texas Intermediate was up 0.9% on a daily basis at $52.65.

Today Advise:Bearish

Key Levels:

PPResistance*54.28 *54.99 **56.33 ***
52.94Support*52.23 *50.89 **50.18 ***

Position Datas:

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XAUUSD

Trend Theme:Gold wavers around $1,860 amid quiet session.

Trend Review:Gold prices cools down the previous day’s upside momentum. The yellow metal tracked silver to the north during the previous day amid a retail rush while paying a little heed to the US dollar’s strength, which generally challenges the bullion buyers.

Today Advise:Bearish

Key Levels:

PPResistance*1871.39 *1883.83 **1895.75 ***
1859.47Support*1847.03 *1835.11 **1822.67 ***

Position Datas:

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