RedstoneFx Analyst
by
on

Redstone Morning Analysis 27/09/2022

EUR/USD

Trend Theme:Prospects of a significant correction from key monthly structure.

Trend Review:EUR/USD bears move in on a critical area of support. The US dollar strengthened on Monday on a volatile day to start the week which had EUR/USD slipping to 0.9552 from 0.9694. The single currency has dropped to a major level on the monthly chart.

Today Advise:Bullish

Key Levels:

PPResistance*0.9695 *0.9781 **0.9852 ***
0.9624Support*0.9539 *0.9467 **0.9382 ***

Weekly forecast

————————————————————————————————-

USD/JPY

Trend Theme:USD/JPY eyes weakness below 144.50 ahead of US Durable Goods Orders.

Trend Review:The USD/JPY pair is displaying signs of momentum loss after displaying a juggernaut rally to near 144.70. A failure in smashing the psychological resistance of 145.00 has set the stage for a correction in the counter. The pair has attempted multiple times to hit 145.00 but has failed amid lower consensus for the US Durable Goods Orders data.

Today Advise:Bullish

Key Levels:

PPResistance*145.28 *145.80 **146.82 ***
144.27Support*143.74 *142.73 **142.21 ***

Weekly forecast

—————————————————————————————————

WTI

Trend Theme:Oil prices hit a nine-month low on a strong dollar and the European Union plans to delay capping Russian oil prices.

Trend Review:Oil prices fell nearly 4 percent to their lowest close in nine months on Monday, hurt by a stronger dollar and as market participants awaited details of new sanctions against Russia, while the risk of a sharp global recession also weighed on prices. Watch API data throughout the day, as well as news related to the new U.S. oil reserve plan.

Today Advise:Bullish

Key Levels:

PPResistance*78.82 *81.50 **82.87 ***
77.45Support*74.78 *73.40 **70.73 ***

Weekly forecast

—————————————————————————————————

XAU/USD

Trend Theme:Gold rebounds from 29-month low above $1,600, falling wedge, US data eyed.

Trend Review:Gold price licks its wounds around a 2.5-year low, mildly bid near $1,627 during Tuesday’s Asian session, as the market’s risk-off mood ebbs amid a lack of major data/events. US CB Consumer Confidence, Durable Goods Orders eyed to extend corrective bounce.

Today Advise:Bullish

Key Levels:

PPResistance*1641.12 *1659.81 **1669.79 ***
1631.14Support*1612.45 *1602.47 **1583.78 ***

Weekly forecast

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^