RedstoneFx Analyst
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Redstone Morning Analysis 22/4/2021

USD/JPY

Trend Theme:USD/JPY: Mildly offered around 108.00 even as Nikkei 225 gains over 1.0%.

Trend Review:USD/JPY struggles to keep the previous day’s bounce from seven-week low. COVID-19 conditions in Asia joins US stimulus deadlock and geopolitical-trade headlines to challenge previous risk-on mood. Pre-ECB cautious sentiment adds to the upside filters.

Today Advise:StronglyBearish

Key Levels:

PPResistance*108.30 *108.50 **108.71 ***
108.09Support*107.89 *107.68 **107.48 ***

Position Datas:

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EUR/USD

Trend Theme:EUR/USD: Complex candlesticks trouble bulls above 1.2000, ECB in focus.

Trend Review:EUR/USD picks up bids to intraday high ahead of the week’s key event. ECB is expected to offer no fireworks but the BOC move keep momentum traders hopeful. Gravestone, followed by Dragonfly, test bulls between the key SMA, inside monthly rising channel.

Today Advise:Bullish

Key Levels:

PPResistance*1.2053 *1.2071 **1.2098 ***
1.2026Support*1.2008 *1.1981 **1.1963 ***

Position Datas:

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WTI/USD

Trend Theme:WTI: Bulls look to target prior support.

Trend Review:The price corrected the prior daily bullish impulse and has reached the 61.8% Fibonacci retracement target of the range at $60.89 the low. This is an area of confluence when considering the 5th April highs. It was a typical outcome of the bearish W-formation on the daily chart. At this juncture, the support would be expected to hold initial tests. Bulls can target the M-formation’s neckline in the meantime.

Today Advise:Bearish

Key Levels:

PPResistance*62.13 *63.18 **63.81 ***
61.49Support*60.44 *59.80 **58.75 ***

Position Datas:

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XAUUSD

Trend Theme:Gold: Bulls head towards a monthly 50% mean reversion.

Trend Review:Gold remains in the hands of the bulls, but there are prospects of a correction to the downside. Bears are watching for the formation of bearish structure. The monthly chart shows the price is meeting a critical resistance zone. 

Today Advise:Bullish

Key Levels:

PPResistance*1802.04 *1810.56 **1823.41 ***
1789.19Support*1780.67 *1767.82 **1759.30 ***

Position Datas:

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