RedstoneFx Analyst
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Redstone Morning Analysis 24/2/2021

EUR/USD

Trend Theme: EUR/USD consolidates around 1.2150 as markets digest Powell’s dovish testimony.

Trend Review:EUR/USD saw some choppiness but has largely stuck to the 1.2150 mark. Comments from Fed Chair Powell for the most part did not shift the dial as to the market’s Fed policy expectations. The euro has traded almost entirely at the behest of the US dollar on Tuesday.

Today Advise:Bullish

Key Levels:

PPResistance*1.2173 *1.2199 **1.2218 ***
1.2154Support*1.2128 *1.2109 **1.2083 ***

Position Datas:

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NZD/USD

Trend Theme:NZD/USD marks a heavy 50-pip move around April 2018 peak on RBNZ’s status-quo.

Trend Review:NZD/USD initially snapped five-day losing streak before refreshing the multi-month top. RBNZ kept interest rate and LSAP unchanged but cited economic fears. Vaccine updates, US stimulus gridlock and unlock news offer extra catalysts to watch other than RBNZ’s Orr, Powell Testimony 2.0.

Today Advise:StronglyBullish

Key Levels:

PPResistance*0.7358 *0.7374 **0.7400 ***
0.7332Support*0.7316 *0.7290 **0.7274 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI drops towards $61.00 on API inventory build, US dollar recovery ahead of EIA data.

Trend Review:WTI drops from $61.89 to $61.06 at the end of Tuesday’s settlement, early Wednesday morning in Asia. The oil benchmark recently responded to the industry stockpile report unveiled by the American Petroleum Institute (API). However, the greenback bears join cautious optimism towards the global recovery and an absence of normal supply flow to back the oil bulls.

Today Advise:Bearish

Key Levels:

PPResistance*63.04 *64.14 **65.34 ***
61.83Support*60.73 *59.53 **58.43 ***

Position Datas:

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XAUUSD

Trend Theme:Gold bulls trying to defend $1,800 amid cautious optimism.

Trend Review:Gold keeps $1,800, while struggling to defy the previous day’s pullback from a one-week top during the initial Asian session on Wednesday. The yellow metal snapped the two-day winning streak amid the US dollar’s corrective pullback.

Today Advise:Bearish

Key Levels:

PPResistance*1815.32 *1825.90 **1835.73 ***
1805.49Support*1794.91 *1785.08 **1774.50 ***

Position Datas:

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