RedstoneFx Analyst
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Redstone Morning Analysis 26/10/2021

USD/JPY

Trend Theme:USD/JPY remains strong near 113.70 amid firmer USD.

Trend Review:USD/JPY makes steady moves following the previous session’s movement. The pair retreated from the highs of 2018 high near 114.69 on Wednesday, and continued to move in a familiar trading range. Yellen’s comments on inflation, higher equity market, and Fed tapering influences traders’ decisions .

Today Advise:Bearish

Key Levels:

PPResistance*113.94 *114.17 **114.41 ***
113.70Support*113.48 *113.23 ** 113.01 ***

Position Datas:

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GBP/USD

Trend Theme:GBP/USD: Fades rebound below 100-DMA, focus on 1.3740-35.

Trend Review:GBP/USD drops back to 1.3765 after snapping a two-day downtrend. In doing so, the cable pair fades the previous day’s bounce off the three-month-old resistance-turned-support during the early Asian session on Tuesday. 

Today Advise:StronglyBearish

Key Levels:

PPResistance*1.3793 *1.3817 **1.3843 ***
1.3767Support*1.3743 *1.3717 **1.3693 ***

Position Datas:

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WTI

Trend Theme:WTI stays pressured towards $83.00 ahead of API inventories.

Trend Review:WTI holds lower grounds following a U-turn from a fresh multi-day high, pressured around $83.25 during Tuesday’s Asian session. In doing so, the black gold struggles to justify headlines from the Middle East, as well as risk-on mood, amid the US dollar rebound. The US Dollar Index (DXY) refreshed three-week lows before posting the heaviest daily jump in two weeks on Monday.

Today Advise:Bearish

Key Levels:

PPResistance*84.56 *85.72 ** 86.46 ***
83.82Support* 82.65 *81.91 **80.75 ***

Position Datas:

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XAU/USD

Trend Theme:Gold struggles to defend $1,800 breakout on firmer USD.

Trend Review:Gold consolidates recent gains around $1,805, refreshing intraday low during early Tuesday following a five-day uptrend. Although risk-on mood underpinned the yellow metal to stay firmer of late, the US dollar rebound challenges the buyers ahead of important data/events of the week. 

Today Advise:StronglyBullish

Key Levels:

PPResistance*1814.38 *1821.07 **1832.09 ***
1803.36Support*1796.67 *1785.65 **1778.96 ***

Position Datas:

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