RedstoneFx Analyst
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Redstone Morning Analysis 23/7/2021

GBP/USD

Trend Theme:GBP/USD stays directed to 1.3830 resistance confluence.

Trend Review:GBP/USD holds onto 200-DMA breakout around 1.3765 amid a quiet start to Friday’s Asian session. The cable pair’s recovery moves from 61.8% Fibonacci retracement (Fibo.) of December 2020 to June 2021 upside manages to cross the key SMA and 50% Fibo. hurdle, keeping the buyers hopeful. 

Today Advise:Bullish

Key Levels:

PPResistance*1.3806 *1.3845 **1.3903 ***
1.3749Support*1.3710 *1.3652 ** 1.3613 ***

Position Datas:

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NZD/USD

Trend Theme:NZD/USD: Bears seeking a daily downside extension.

Trend Review:NZD/USD bears are moving in at a critical level of resistance and are seeking a break of 4-hour support which guards channel support and prospects of a lower daily low. The price is meeting a 61.8% Fibonacci confluence with prior lows and the 21-day EMA which would be expected to act as a tough level of resistance. 

Today Advise:Bullish

Key Levels:

PPResistance*0.6986 *0.7007 **0.7026 ***
0.6966Support*0.6946 *0.6926 **0.6906 ***

Position Datas:

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USD/CAD

Trend Theme:USD/CAD: Sellers attack 13-day-old support near 1.2550.

Trend Review:USD/CAD keeps pullback from 50-SMA around 1.2560 during a lackluster Friday morning in Asia. In doing so, the major currency pair remains between the 50-SMA and 100-SMA as bears battle an upward sloping trend line from July 06. As the RSI line holds lower ground, the latest weakness in prices may prevail for a bit longer..

Today Advise:Bearish

Key Levels:

PPResistance*1.2595 *1.2628 **1.2661 ***
1.2562Support*1.2530 *1.2497 **1.2464 ***

Position Datas:

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XAU/USD

Trend Theme:Gold awaits PMI data inside bullish set-up near $1,800.

Trend Review:Gold edges higher around $1,808, up 0.07% intraday, while extending the bounce off a two-week low during Friday’s Asian session. Improving market sentiment seems to help the gold buyers to retake controls inside a bullish chart pattern, falling wedge, of late.

Today Advise:Bullish

Key Levels:

PPResistance*1812.34 *1817.85 **1827.58 ***
1802.61Support*1797.10 *1787.37 **1781.86 ***

Position Datas:

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