RedstoneFx Analyst
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Redstone Morning Analysis 22/2/2021

EUR/USD

Trend Theme: Daily RSI teases bull reversal.

Trend Review:EUR/USD’s daily chart RSI charts a bullis reversal pattern. The pair is yet to take out the 50-day SMA hurdle. EUR/USD’s 14-day Relative Strength Index (RSI) has carved out an inverse head-and-shoulders bullish reversal pattern.

Today Advise:Bearish

Key Levels:

PPResistance*1.2147 *1.2177 **1.2209 ***
1.2115Support*1.2085 *1.2052 **1.2022 ***

Position Datas:

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NZD/USD

Trend Theme:NZD/USD extends daily rally beyond 0.7260 amid ongoing USD selloff.

Trend Review:The NZD/USD pair closed above 0.7200 on Thursday and preserved its bullish momentum on Friday. As of writing, the pair was up 0.62% on the day at 0.7265.

Today Advise:Bearish

Key Levels:

PPResistance*0.7341 *0.7385 **0.7454 ***
0.7272Support*0.7229 *0.7160 **0.7116 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI bounces off lows near $58.60 ahead of US oil rig count.

Trend Review:Prices of the West Texas Intermediate (WTI) manage to garner some buying interest at session lows in the $58.60 area on Friday.

Today Advise:Bullish

Key Levels:

PPResistance*60.01 *61.00 **61.72 ***
59.29Support*58.29 *57.58 **56.58 ***

Position Datas:

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XAUUSD

Trend Theme:Gold holds onto recovery moves targeting $1800 amid risk-on mood.

Trend Review:Gold extends Friday’s corrective pullback from multi-day low. While the US dollar weakness could be cited as the key fuel for the corrective pullback, risk-on mood, taking clues from the coronavirus (COVID-19) headlines and US stimulus, seem to back the buyers off-late.

Today Advise:Bearish

Key Levels:

PPResistance*1795.57 *1809.11 **1826.53 ***
1778.15Support*1764.61 *1747.19 **1733.65 ***

Position Datas:

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