RedstoneFx Analyst
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Redstone Morning Analysis 23/2/2021

GBP/USD

Trend Theme: Bulls on the move for seventh week, eyes 2018 peak ahead of UK jobs.

Trend Review:GBP/USD picks up towards refreshing the highest levels since April 2018. GBP/USD remains on the front foot for the seventh consecutive week, currently up 0.10% intraday to 1.4075, during Tuesday’s Asian session.

Today Advise:Bullish

Key Levels:

PPResistance*1.4104 *1.4148 **1.4210 ***
1.4043Support*1.3999 *1.3937 **1.3893 ***

Position Datas:

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USD/CAD

Trend Theme:USD/CAD: Bears stay hopeful around 1.2600

Trend Review:USD/CAD stays depressed near multi-month low, inside short-term symmetrical triangle. USD/CAD sellers attack 1.2600 during the initial Asian session on Tuesday. In doing so, the quote remains depressed near the lowest level since April 2018, marked the previous day.

Today Advise:Bearish

Key Levels:

PPResistance*1.2655 *1.2691 **1.2729 ***
1.2618Support*1.2582 *1.2545 **1.2509 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI surges above $62.00, up over 5% on the day.

Trend Review:Front-month futures for the American benchmark for sweet light crude, West Texas Intermediary (WTI), surged back above the $62.00 level into the 22:00GMT close of futures trade, ending Monday’s session up more than $3.00, having rallied from below the $59.00 level. 

Today Advise:Bullish

Key Levels:

PPResistance*62.61 *63.67 **65.57 ***
60.71Support*59.64 *57.75 **56.68 ***

Position Datas:

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XAUUSD

Trend Theme:Bulls setting up for upside extension to -61.8% Fibo/1817 ~1820.

Trend Review:Gold is consolidating the recent bullish impulse, but the 15-min reverse H&S is an extra conviction for prospects of a continuation. $1,817 and $1,820 are on the bulls map. A buy limit placed at the new support structure, old resistance and neckline of the H&S pattern, will offer a discount.

Today Advise:Bullish

Key Levels:

PPResistance*1820.40 *1832.53 **1852.35 ***
1800.58Support*1788.45 *1768.63 **1756.50 ***

Position Datas:

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