RedstoneFx Analyst
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Redstone Morning Analysis 22/3/2021

GBP/USD

Trend Theme:GBP/USD: Sellers attack 1.3820 support confluence with eyes on early February low.

Trend Review:GBP/USD drops towards three-week-old support line, 61.8% Fibonacci retracement of February run-up amid bearish MACD. Early February’s horizontal support lures the bears, bulls need decisive break above 1.4000 for fresh entry.

Today Advise:StronglyBearish

Key Levels:

PPResistance* 1.3945 *1.4017 **1.4074 ***
1.3888Support*1.3817 *1.3759 **1.3688 ***

Position Datas:

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NZD/USD

Trend Theme:NZD/USD erases daily gains, turns flat below 0.7170.

Trend Review:The NZD/USD pair fell sharply on Thursday and erased all the gains it recorded on Wednesday. In the absence of significant fundamental drivers on the last day of the week, the pair seems to be struggling to make a decisive move in either direction and was last seen trading flat at 0.7165.

Today Advise:StronglyBearish

Key Levels:

PPResistance*0.7189 *0.7212 **0.7236 ***
0.7165Support*0.7142 *0.7118 **0.7095 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI drops back below $61.00 as market sentiment sours.

Trend Review:WTI flirts with an intraday low of around $61.00, down 0.65% on a day, after edging lower at the weekly open. In doing so, the oil benchmark fails to extend Friday’s recovery moves as risk-off mood weighs on the commodities.

Today Advise:Bearish

Key Levels:

PPResistance*62.50 *63.52 **65.27 ***
60.76Support*59.74 *57.99 **56.97 ***

Position Datas:

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XAUUSD

Trend Theme:Gold pulls back below $1,750 as market sentiment sours.

Trend Review:Gold fades recent recovery moves amid risk-off mood. Covid woes, vaccine shortage return to the table while geopolitical tension, reflation worries weigh on the mood. Risk catalysts occupy driver’s seat amid a light calendar ahead of Powell’s testimony.

Today Advise:Bullish

Key Levels:

PPResistance*1752.05 *1758.61 **1770.35 ***
1740.31Support*1733.75 *1722.01 **1715.45 ***

Position Datas:

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