RedstoneFx Analyst
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Redstone Morning Analysis 23/3/2021

EUR/USD

Trend Theme:EUR/USD stays firm above 1.1900 even as US Treasury yields stabilize.

Trend Review:EUR/USD bounces off intraday low, prints two-day winning streak. Powell repeated cautious optimism, Fed’s readiness to extend monetary support in prepared remarks, Fed’s Bowman cites challenges for small firms. Housing, activity numbers can offer additional moves but words from Fed Chair Powell, Treasury Secretary Yellen will be the key.

Today Advise:Bullish

Key Levels:

PPResistance* 1.1962 *1.1991 **1.2035 ***
1.1918Support*1.1889 *1.1845 **1.1815 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY consolidates below key 109 area.

Trend Review:USD/JPY caught between risk which US yields sink, capping the greenback’s advance. The market has absorbed the volatility following the weekend headlines after Turkish President Erdogan fired the hawkish central banker who had raised the benchmark rate by 200bp to 19% on Thursday.

Today Advise:StronglyBearish

Key Levels:

PPResistance*109.01 *109.17 **109.38 ***
108.80Support*108.64 *108.43 **108.27 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI has been rangebound but trading with a positive bias and is now eyeing a key fib at $62.30.

Trend Review:It’s been a relatively uninspired day for crude oil markets, which at the moment cling onto modest gains, but have been undulating between positive and negative territory for most of the session so far. Front-month futures for West Texas Intermediary, or WTI (the American benchmark for sweet light crude oil), currently trade at the upper end of a roughly low-$60.00s to $62.00 range. To the upside, traders should note resistance in the form of the 50% Fibonacci from last week’s highs at around $66.40 to last week’s lows at around $58.20 – this 50% fib is at roughly $62.30, just above current levels and is likely to offer solid resistance.

Today Advise:Bullish

Key Levels:

PPResistance*62.09 *62.89 **63.77 ***
61.21Support*60.41 *59.53 **58.73 ***

Position Datas:

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XAUUSD

Trend Theme:Gold recovers from lows as US yields drop.

Trend Review:Gold prices reversed a brief sell-off to under the $1720 mark back to close to $1740. Spot gold prices saw some selling pressure in the early part of Monday’s session, dropping all the way from the $1740s to under $1730. The selling pressure appeared to come from technical factors.

Today Advise:Bullish

Key Levels:

PPResistance*1748.35 *1757.58 **1768.05 ***
1737.88Support*1728.65 *1718.18 **1708.95 ***

Position Datas:

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