RedstoneFx Analyst
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Redstone Morning Analysis 25/1/2021

USD/JPY

Trend Theme:USD/JPY: Bulls taking charge from 61.8% Fibo.

Trend Review:USD/JPY is finding support on the longer-term time-frames and has retraced deep enough to now expect a continuation to the upside towards monthly resistance. Bullish bias across the time frames opens prospects of a fresh daily bullish impulse. 

Today Advise:Bullish

Key Levels:

PPResistance*103.98 *104.14 **104.39 ***
103.73Support*103.58 *103.33 **103.18 ***

Position Datas:

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EUR/USD

Trend Theme:EUR/USD: Probing key Fibonacci retracement hurdle.

Trend Review:EUR/USD has retraced 38.2% of the pullback from early January highs. The pair has carved out a pennant pattern on the hourly chart. A breakout would validate the bullish crossover of the 50- and 200-hour SMA.

Today Advise:Bullish

Key Levels:

PPResistance*1.2188 *1.2208 **1.2226 ***
1.2170Support*1.2150 *1.2132 **1.2112 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI consolidates around $52.50 mark, unfazed by surprise EIA inventory build.

Trend Review:WTI crude oil prices are on the back foot on the final trading day of the week; prices dropped as low as the $51.50 mark in the early part of European trade, hitting their lowest levels in two weeks.

Today Advise:Bearish

Key Levels:

PPResistance*53.02 *53.94 **54.73 ***
52.23Support*51.31 *50.51 **49.60 ***

Position Datas:

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XAUUSD

Trend Theme:Gold wavers around mid-$1,800s even as virus, stimulus weigh on risks.

Trend Review:Gold begins the week with an uptick to $1,857, keeps late Friday’s recovery moves. Doubts over US President Biden’s second stimulus, virus variant fears heavy the risks amid a light calendar.

Today Advise:Bearish

Key Levels:

PPResistance*1871.56 *1888.78 **1905.86 ***
1854.48Support*1837.26 *1820.18 **1802.96 ***

Position Datas:

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