RedstoneFx Analyst
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Redstone Morning Analysis 21/1/2021

GBP/USD

Trend Theme:GBP/USD: Bulls eye clear break of 1.3700.

Trend Review:GBP/USD remains on the front foot after three consecutive days of uptrend. Sustained trading beyond 200-bar SMA, one-month-old support line favor bulls. Multiple highs marked so far during January guard immediate upside.

Today Advise:Bullish

Key Levels:

PPResistance*1.3710 *1.3762 **1.3806 ***
1.3667Support*1.3615 *1.3571 **1.3519 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY: Bulls denied, under pressure ahead of BOJ’s monetary policy decision.

Trend Review:USD/JPY bulls denied yet another stab at the upside. 4-hour structure is now critical if the weekly and daily prospects are to playout. Pressure mounts as investors await for the Bank of Japan.

Today Advise:Bearish

Key Levels:

PPResistance*103.82 *104.12 **104.31 ***
103.63Support*103.33 *103.15 **102.85 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI slips beneath $53.00 as API inventories jump.

Trend Review:WTI stands on a slippery ground near $52.80 following the release of a private oil inventory report during Thursday’s Asian session. Before reacting to the inventory data, the black gold started trimming the latest gains as the US dollar bounced off weekly lows amid the mixed headlines concerning the coronavirus (COVID-19) and its vaccines.

Today Advise:Bearish

Key Levels:

PPResistance*53.63 *54.14 **54.49 ***
53.28Support*52.77 *5 2.42**51.91 ***

Position Datas:

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XAUUSD

Trend Theme:XAU/USD refreshes two-week high, eyes $1,900 amid risk on mood.

Trend Review:Gold buyers pause around $1,871 after rising the most in 13 days the previous day, as Thursday’s Asian session begins. The yellow metal seesaws around the recently flashed two-week top as traders await fresh push to extend the optimism.

Today Advise:Bullish

Key Levels:

PPResistance*1883.11 *1896.34 **1921.65 ***
1857.80Support*1844.57 *1819.26 **1806.03 ***

Position Datas:

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