RedstoneFx Analyst
by
on

Redstone Morning Analysis 23/4/2021

USD/CAD

Trend Theme:USD/CAD wavers around 1.2500 as WTI recovery, vaccine hopes tease sellers.

Trend Review:USD/CAD failed to extend the previous day’s corrective pullback despite recent bounce off intraday low. Oil follows geopolitical news, upbeat US data and stimulus hopes to stay mildly bid. Preliminary US Markit PMIs for April will be important but risk catalysts will be the key.

Today Advise:Bearish

Key Levels:

PPResistance*1.2538 *1.2567 **1.2600 ***
1.2506Support*1.2476 *1.2444 **1.2414 ***

Position Datas:

————————————————————————————————-

GBP/USD

Trend Theme:GBP/USD tumbles to 1.3820 on dollar strength.

Trend Review: GBP/USD has tumbled toward 1.3820 as the dollar gains ground across the board. US jobless claims beat estimates, while concerns mount about US tax hikes. 

Today Advise:Bearish

Key Levels:

PPResistance*1.3918 *1.3996 **1.4043 ***
1.3871Support*1.3792 *1.3745 **1.3667 ***

Position Datas:

—————————————————————————————————

WTI/USD

Trend Theme:WTI completes a 38.2% Fibo, more upside to come?

Trend Review:WTI bulls in control to a critical Fibo and ride the dynamic trendline support. Bear’s commitments will be tested at this juncture ahead of full upside target. Meanwhile, with that being said, should the bears move in for the final sessions of the week, a bearish weekly close that is already on the cards could see additional offers to test weekly support at 61.24 and bring the weekly 10 EMA into focus.

Today Advise:Bearish

Key Levels:

PPResistance*62.11 *62.60 **63.35 ***
61.36Support*60.88 *60.12 **59.64 ***

Position Datas:

—————————————————————————————————

XAUUSD

Trend Theme:Gold: Price meets hourly 61.8% from daily 61.8% support.

Trend Review:Gold prices meet critical support on the daily chart and key resistance on the hourly. Overnight, the commodity complex was pressured and gold prices fell by the same margin as measured by XAU/USD which travelled from a high of $,797.79 to a low of $1,777.28.

Today Advise:Bearish

Key Levels:

PPResistance*1795.54 *1806.96 **1815.99 ***
1786.51Support*1775.09 *1766.06 **1754.64 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^