RedstoneFx Analyst
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Redstone Morning Analysis 20/1/2021

USD/CAD

Trend Theme:USD/CAD stays above 1.2700 with eyes on BOC, US President-elect Biden’s inauguration.

Trend Review:USD/CAD keeps latest recovery moves after Tuesday’s downside. The pair dropped the previous day amid broad US dollar weakness before bouncing off 1.2715 as risks turned heavy after US Treasury Secretary Nominee Janet Yellen spoke in the Senate. 

Today Advise:Bearish

Key Levels:

PPResistance*1.2762 *1.2787 **1.2810 ***
1.2739Support*1.2713 *1.2690 **1.2664 ***

Position Datas:

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EUR/USD

Trend Theme:EUR/USD: Looks north with falling wedge breakout on 4H.

Trend Review:EUR/USD’s 4-hour chart shows a bullish reversal pattern. The pair looks north, looks set to test lower highs at 1.2178-1.2223. The 4-hour chart shows a falling wedge breakout on the 4-hour chart, a bullish reversal pattern.

Today Advise:Bullish

Key Levels:

PPResistance*1.2157 *1.2186 **1.2227 ***
1.2115Support*1.2086 *1.2045 **1.2015 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI: Keeps recovery moves from short-term EMAs to battle $53.00.

Trend Review:WTI picks up bids while keeping the previous day’s recovery moves. The energy benchmark extends Tuesday’s recovery moves from 10-day SMA while staying above 21-day SMA and an upward sloping trend line from early November.

Today Advise:Bullish

Key Levels:

PPResistance*53.38 *53.78 **54.39 ***
52.77Support*52.37 *51.76 **51.36 ***

Position Datas:

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XAUUSD

Trend Theme:Gold eases below $1,850 ahead of Biden’s entry to White House.

Trend Review:Gold wavers around $1,841 after printing a two-day winning streak during the initial Asian session on Wednesday. The yellow metal’s bounce off multi-day-old support line, joined the US dollar’s pullback to trigger the bullion’s recent recovery.

Today Advise:Bearish

Key Levels:

PPResistance*1846.23 *1852.12 **1858.66 ***
1839.69Support*1833.80 *1827.26 **1821.37 ***

Position Datas:

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