RedstoneFx Analyst
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Redstone Morning Analysis 25/3/2021

USD/JPY

Trend Theme:USD/JPY fails to break above 109.00, looks to post modest daily gains.

Trend Review:After spending the majority of the day in a relatively tight range, the USD/JPY pair gained traction in the early American session and touched a daily high of 108.96.

Today Advise:Bullish

Key Levels:

PPResistance* 108.97 *109.22 **109.48 ***
108.71Support*108.47 *108.21 **107.96 ***

Position Datas:

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EUR/USD

Trend Theme:EUR/USD bears attack yearly low, 1.1840 becomes key hurdle to north.

Trend Review:EUR/USD fades bounces off four-month low after two consecutive days of downtrend. Confluence of 200-day SMA, early March low guards corrective pullback. Seven-week-old support line lures sellers amid bearish MACD.

Today Advise:Bullish

Key Levels:

PPResistance*1.1841 *1.1869 **1.1885 ***
1.1826Support*1.1797 *1.1782 **1.1754 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI stages stunning recovery, surges back to upper-$61.00s from under $58.00.

Trend Review:Crude oil markets staged a stunning recovery on Wednesday, with front-month futures contracts for WTI rallying from sub-$58.00 lows to at one point above $61.00, meaning that almost all of the steep losses incurred on Tuesday were recouped. 

Today Advise:Bearish

Key Levels:

PPResistance*62.35 *63.86 **66.38 ***
59.83Support*58.32 *55.80 **54.29 ***

Position Datas:

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XAUUS

Trend Theme:Gold recovery looks to US Treasury yields on the way to $1750.

Trend Review:Gold prices waver around $1,735, holds the previous day’s consolidative moves, as Asian traders prepare for Thursday. The yellow metal bounced off $1,723.86 on Wednesday and snapped a two-day losing streak. 

Today Advise:StronglyBearish

Key Levels:

PPResistance*1741.01 *1747.05 **1755.63 ***
1732.43Support*1726.39 *1717.81 **1711.77 ***

Position Datas:

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