RedstoneFx Analyst
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Redstone Morning Analysis 24/3/2021

GBP/USD

Trend Theme:GBP/USD: Refreshes six-week low towards 1.3700 ahead of UK CPI, PMI data.

Trend Review:GBP/USD remains depressed around multi-day low after heaviest drop in a month. UK’s vaccine optimism can’t supersede the US dollar strength, risk-off mood. British inflation, activity numbers can offer immediate directions but qualitative catalysts remain as the key.

Today Advise:Bearish

Key Levels:

PPResistance* 1.3831 *1.3911 **1.3956 ***
1.3786Support*1.3706 *1.3661 **1.3580 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD: Bears not done yet.

Trend Review:AUD/USD bulls committing in the daily demand area. Bulls to target significant correction back to test old support. The price would be expected to move in to test the old support structure prior to any significant continuation to the downside.

Today Advise:StronglyBearish

Key Levels:

PPResistance*0.7703 *0.7797 **0.7844 ***
0.7656Support*0.7562 *0.7514 **0.7420 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI slides below its 50DMA, as short-term bears aim for the $54.00 mark.

Trend Review:Crude oil markets were hit badly again on Tuesday, with WTI cratering another 6.8% or $4.18 to drop to close Tuesday futures trade at $57.38. The sell-off gained momentum midway through the US session after front-month futures contracts for the American benchmark for sweet light crude oil (WTI) dipped below the 50-day moving average at $58.75.

Today Advise:Bullish

Key Levels:

PPResistance*60.07 *62.73 **64.13 ***
58.67Support*56.00 *54.60 **51.94 ***

Position Datas:

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XAUUS

Trend Theme:Gold awaits fresh clues to extend two-day downtrend towards $1,700.

Trend Review:Gold consolidates recent losses in a choppy range around $1,730. Market sentiment stays heavy amid mixed signals from Fed, geopolitical tussle. Strong US dollar weigh on the yellow metal, American data, risk-catalysts eyed.

Today Advise:Bearish

Key Levels:

PPResistance*1738.10 *1749.25 **1755.92 ***
1731.43Support*1720.28 *1713.61 **1702.46 ***

Position Datas:

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