RedstoneFx Analyst
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Redstone Morning Analysis 26/1/2021

NZD/USD

Trend Theme:NZD/USD consolidates in a narrowing price range.

Trend Review:NZD/USD has created a narrowing price range over the past 48 hours or so, marking a weak follow-through to a bullish falling channel breakout confirmed by Thursday’s 0.51% gain. A breakout would validate the bullish pattern seen on the daily chart.

Today Advise:Bullish

Key Levels:

PPResistance*0.7219 *0.7241 **0.7265 ***
0.7195Support*0.7172 *0.7148 **0.7126 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD battles 0.7700 amid covid, stimulus woes-led risk-aversion.

Trend Review:AUD/USD holds the lower ground, testing the 0.7700 level amid broad risk-aversion that has triggered a bounce in the safe-haven US dollar. Uncertainty over the US stimulus, worries over new covid strain and lockdowns weigh on the risk appetite. 

Today Advise:Bullish

Key Levels:

PPResistance*0.7746 *0.7780 **0.7811 ***
0.7714Support*0.7680 *0.7649 **0.7615 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI eyes to regain $53.00 as vaccine news battles risk-off mood.

Trend Review:WTI remains firm at around $52.85 during the early Asian trading on Tuesday. The energy benchmark posted the biggest gains in over a week the previous day as chatters over Iraq’s output cut joined news of a fire in a Russian refinery and dispute in Libya. 

Today Advise:Bullish

Key Levels:

PPResistance*53.12 *53.52 **54.18 ***
52.46Support*52.06 *51.40 **51.00 ***

Position Datas:

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XAUUSD

Trend Theme:Gold: Bulls target daily extension.

Trend Review:Gold is on the verge of an upside extension on a break of weekly resistance. XAU/USD is making progress with respect to the bullish market structure following a period of consolidation in recovery of the daily correction.

Today Advise:Bullish

Key Levels:

PPResistance*1866.85 *1877.83 **1887.65 ***
1857.03Support*1846.05 *1836.23 **1825.25 ***

Position Datas:

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