RedstoneFx Analyst
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Redstone Morning Analysis 22/7/2021

EUR/USD

Trend Theme:EUR/USD: Impending death cross teases bears around 1.1800 on ECB day.

Trend Review:EUR/USD edges higher after bouncing off three-month low. Bearish pattern is underway near the key support line, Momentum line also favors sellers. Corrective pullback needs fresh monthly high to reject bearish hopes..

Today Advise:Bullish

Key Levels:

PPResistance*1.1815 *1.1836 **1.1868 ***
1.1784Support*1.1762 *1.1731 ** 1.1709 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY snaps two-day uptrend above 110.00 amid sluggish markets.

Trend Review:USD/JPY fails to extend the previous two-day advances, down 0.08% intraday near 110.22, amid the initial hour of Thursday’s Tokyo open. The yen pair earlier followed the US Treasury yields and respected the US dollar gains, backed by a risk-off mood. However, the latest pullback lacks major catalysts to rely upon.

Today Advise:Bearish

Key Levels:

PPResistance*110.52 *110.75 **111.11 ***
110.16Support*109.93 *109.57 **109.35 ***

Position Datas:

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WTI/USD

Trend Theme:WTI meets a critical weekly resistance area.

Trend Review:Oil prices as measured by West Texas Intermediate (WTI) crude are higher by more than 5.6% at the time of writing as the Wall Street session moves into the final hour of trade. Improved risk appetite set off an exodus of speculative shorts, providing support despite data showing an unexpected rise in US oil inventories.

Today Advise:Bearish

Key Levels:

PPResistance*71.53 *72.97 **75.56 ***
68.93Support*67.50 *64.90 **63.46 ***

Position Datas:

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XAU/USD

Trend Theme:Gold remains indecisive around $1,800 amid pre-ECB trading lull.

Trend Review:Gold (XAU/USD) seesaws around $1,800, recently easing to $1,803, during the initial Asian session on Thursday. The yellow metal dropped the previous day even as the US Dollar Index (DXY) eased on the upbeat market sentiment.

Today Advise:Bearish

Key Levels:

PPResistance*1813.38 *1823.10 **1832.40 ***
1804.08Support*1794.36 *1785.06 **1775.34 ***

Position Datas:

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