RedstoneFx Analyst
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Redstone Morning Analysis 26/2/2021

USD/JPY

Trend Theme: USD/JPY rises to the highest level in five months above 106.20.

Trend Review:The USD/JPY pair rose further during the American session, boosted by higher US yields and reached at 106.28, the highest level since September 10. In Wall Street, stocks indices are extending losses.

Today Advise:StronglyBullish

Key Levels:

PPResistance*106.50 *106.74 **107.08 ***
106.16Support*105.93 *105.59 **105.35 ***

Position Datas:

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NZD/USD

Trend Theme:NZD/USD drops to key support on risk-off, RBNZ Governor Orr’s comments.

Trend Review:NZD/USD tests former resistance-turned-support at 0.7315. RBNZ’s Governor Orr says negative rates are an option. The 10-year US Treasury yield clocked a fresh 12-month high of 1.55% during the overnight trade.

Today Advise:StronglyBullish

Key Levels:

PPResistance*0.7436 *0.7504 **0.7542 ***
0.7398Support*0.7330 *0.7292 **0.7224 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI escapes equity, bond market selling, remains supported above $63.00.

Trend Review:Crude oil markets avoided the sell-off seen in equity and bond markets on Thursday. Crude oil markets largely managed to avoid the chaos seen in other asset classes (i.e. the sharp sell-offs seen in global bond and equity markets). Focus remains on positive demand-side fundamentals, though will shift to OPEC+, who meet next week.

Today Advise:Bullish

Key Levels:

PPResistance*63.80 *64.32 **64.92 ***
63.20Support*62.67 *62.07 **61.55 ***

Position Datas:

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XAUUSD

Trend Theme:Gold extends the heaviest drop in three weeks below $1800.

Trend Review:Gold prices drops, down 0.13% intraday, during Friday’s Asian session. The yellow metal tracks the corrective pullback in S&P 500 Futures after the Treasury yields roiled global markets the previous day. US stimulus, PCE data will be the key but bond moves keep the driver’s seat.

Today Advise:Bearish

Key Levels:

PPResistance*1795.19 *1820.67 **1835.49 ***
1780.37Support*1754.89 *1740.07 **1714.59 ***

Position Datas:

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