RedstoneFx Analyst
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Redstone Morning Analysis 20/4/2021

NZD/USD

Trend Theme:NZD/USD buyers flirt with 0.7200 while seeking fresh clues.

Trend Review:NZD/USD takes rounds to one-month top, recently taking bids. The kiwi pair stays firm around the highest since March 18 after rising the most in a week the previous day. US dollar weakness could be traced to the quote’s notable rise. The greenback dropped the most in 2021 on Monday as traders rushed back towards Treasuries.

Today Advise:StronglyBullish

Key Levels:

PPResistance*0.7214 *0.7246 **0.7292 ***
0.7168Support*0.7136 *0.7090 **0.7058 ***

Position Datas:

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USD/CAD

Trend Theme:USD/CAD turns positive and jumped toward 1.2850.

Trend Review:The USD/CAD pair bottomed earlier at 1.2469, the lowest level since March 19, and then turned sharply to the upside, rising more than sixty pips during the American session. Recently it peaked at 1.2539. It is hovering around 1.2535, up 30 pips for the day.

Today Advise:Bullish

Key Levels:

PPResistance*1.2561 *1.2589 **1.2634 ***
1.2516Support*1.2488 *1.2444 **1.2416 ***

Position Datas:

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WTI/USD

Trend Theme:WTI: Bulls battle the key Fibonacci Retracement on the way to $64.00.

Trend Review:WTI prints mild gains while picking up bids near $63.60 during Tuesday’s Asian session. The energy benchmark bounced off an ascending support line, previous resistance, from March 22 the previous day. In doing so, the quote remains above 200-SMA amid the receding bearish bias of MACD signals.

Today Advise:StronglyBullish

Key Levels:

PPResistance*63.92 *64.31 **64.93 ***
63.29Support*62.90 *62.28 **61.89 ***

Position Datas:

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XAUUSD

Trend Theme:Gold bears in control in Asia.

Trend Review:The price of gold is on the backfoot despite a weaker US dollar at the start of this week and the prospects are for a significant correction to the downside.  Failures at resistance have so far proven to draw in additional bearish flows and speculative shorts. 

Today Advise:StronglyBullish

Key Levels:

PPResistance*1785.53 *1799.49 **1808.87 ***
1776.15Support*1762.19 *1752.81 **1738.85 ***

Position Datas:

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