RedstoneFx Analyst
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Redstone Morning Analysis 27/1/2021

EUR/USD

Trend Theme:EUR/USD: 50-day SMA is the level to defend for the bulls.

Trend Review:EUR/USD’s immediate bias remains neutral despite Tuesday’s rise. EUR/USD is trading in a sideways manner in Asia, having defended the 50-day Simple Moving Average (SMA) support and gained 0.19% on Tuesday.

Today Advise:Bearish

Key Levels:

PPResistance*1.2193 *1.2219 **1.2261 ***
1.2150Support*1.2125 *1.2082 **1.2057 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY: Bulls throwing in the towel? 103.50 is the big test.

Trend Review:USD/JPY bears in control below critical daily resistance. In the 4-hour, it was illustrated that there was a strong level of resistance for which the bulls will need to conquer to open prospects for an upside continuation.

Today Advise:Bullish

Key Levels:

PPResistance*103.77 *103.93 **104.04 ***
103.66Support*103.49 *103.39 **103.22 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI rises towards $53.00 on surprise draw in API inventories.

Trend Review:WTI jumps +20 pips after private stockpile marked hefty drop for week ended on January 22. The energy benchmark also gained momentum as the US dollar weakness and hopes of recovery in the global economy, coupled with the upbeat coronavirus (COVID-19) vaccine news, favored commodities.

Today Advise:Bearish

Key Levels:

PPResistance*53.03 *53.58 **53.96 ***
52.65Support*52.09 *51.71 **51.16 ***

Position Datas:

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XAUUSD

Trend Theme:Gold stays depressed around mid-$1800s amid mixed clues, eyes Federal Reserve.

Trend Review:Gold prices declined below $1,850 during the early Asian session on Wednesday. The yellow metal dropped the previous day even as the US dollar index slumped from the weekly top. Risk sentiment recovers amid vaccine hopes, IMF comments but the pre-Fed caution probes the bulls.

Today Advise:Bearish

Key Levels:

PPResistance*1859.29 *1867.21 **1872.63 ***
1853.87Support*1845.95 *1840.53 **1832.61 ***

Position Datas:

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