RedstoneFx Analyst
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Redstone Morning Analysis 27/4/2021

EUR/USD

Trend Theme:EUR/USD: Retreats below 1.2100, bullish bias remains intact.

Trend Review:EUR/USD extends pullback from two-month top but stays above short-term key supports. One-week-old horizontal area precedes immediate support line and 200-HMA to test the bears. Bulls need to cross a downward sloping trend line from early January.

Today Advise:Bearish

Key Levels:

PPResistance*1.2115 *1.2144 **1.2170 ***
1.2088Support*1.2059 *1.2032 **1.2003 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD seesaws near 0.7800 after the heaviest run-up in two weeks.

Trend Review: AUD/USD consolidates recent gains in a small range after a failed attempt to refresh monthly top. Upbeat sentiment, base metals’ rally helped Aussie despite a light economic calendar due to ANZAC Day off. Vaccine hopes favor bulls positive ahead of Aussie CPI, Fed.

Today Advise:Bearish

Key Levels:

PPResistance*0.7831 *0.7862 **0.7909 ***
0.7784Support*0.7753 *0.7706 **0.7674 ***

Position Datas:

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WTI/USD

Trend Theme:WTI: Bulls seeking a fuller test of daily resistance.

Trend Review:WTI is heavy given the 100+% move since last November. However, from a weekly perspective also, the price is finding some solid support at a firm structure around the late March highs of 62.25. From a daily perspective, the price has corrected nicely to test bear’s commitments at a 38.2% Fibonacci retracement and towards old daily closes.

Today Advise:Bullish

Key Levels:

PPResistance*62.59 *63.24 **64.21 ***
61.61Support*60.96 *59.98 **59.33 ***

Position Datas:

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XAUUSD

Trend Theme:Gold wobbles between monthly support line and 100-DMA.

Trend Review:Following its bounce off an ascending support line from March 31, gold remains lackluster around $1,780 amid Tuesday’s Asian session. The yellow metal stays depressed below 100-day SMA (100-DMA). Nine-week-old horizontal support zone adds to the downside filters.

Today Advise:Bearish

Key Levels:

PPResistance*1786.86 *1792.57 **1801.59 ***
1777.84Support*1772.13 *1763.11 **1757.40 ***

Position Datas:

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