RedstoneFx Analyst
by
on

Redstone Morning Analysis 26/3/2021

AUD/USD

Trend Theme:AUD/USD flirts with 0.7600 even as Queensland renews covid fears in Australia.

Trend Review:AUD/USD steps back from intraday top, snaps three-day losing streak. Queensland recorded new community transmission case of COVID-19. Risk catalysts remain as the key ahead of US session where Fed’s preferred inflation measure will be important to watch.

Today Advise:Bullish

Key Levels:

PPResistance* 0.7627 *0.7674 **0.7706 ***
0.7594Support*0.7547 *0.7515 **0.7468 ***

Position Datas:

————————————————————————————————-

USD/CAD

Trend Theme:USD/CAD rallies above 1.2600 level as USD grinds higher, crude oil prices tank.

Trend Review:USD/CAD has rallied to the north of the 1.2600 level in recent trade to hit fresh weekly highs. That means that after a day of trying, the pair has been able to break convincingly above its 21-day moving average, which currently resides in the low 1.2570s.

Today Advise:Bearish

Key Levels:

PPResistance*1.2646 *1.2679 **1.2728 ***
1.2596Support*1.2563 *1.2514 **1.2481 ***

Position Datas:

—————————————————————————————————

WTI-OIL

Trend Theme:WTI saved from fresh weekly lows as amid heightened geopolitical risk premia.

Trend Review:Front-month WTI futures contracts saw a modest recovery from session lows in the mid-$57.00s and managed to close Thursday trade back above the $58.00 level (futures trade has now paused until 22:00GMT). That means that WTI closed the day with losses of nearly $3.0 or 4.6%, though WTI did manage to avoid setting fresh weekly lows. 

Today Advise:StronglyBearish

Key Levels:

PPResistance*60.32 *62.29 **63.73 ***
58.89Support*56.91 *55.48 **53.50 ***

Position Datas:

—————————————————————————————————

XAUUS

Trend Theme:Gold prints rounding top, sellers eye $1,721 breakdown.

Trend Review:Gold fails to keep Thursday’s bounce, refreshes intraday low. Downbeat momentum, extended trading below 200-SMA suggest confirmation of bearish chart pattern is on the way. 100-SMA adds to the downside filters, monthly top offers extra resistance.

Today Advise:Bearish

Key Levels:

PPResistance*1741.15 *1755.20 **1764.87 ***
1731.48Support*1717.43 *1707.76 **1693.71 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^