RedstoneFx Analyst
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Redstone Morning Analysis 28/1/2021

GBP/USD

Trend Theme:GBP/USD: Bounces off 10-day SMA post-Powell speech.

Trend Review:GBP/USD wavers around 1.3700, while trying to keep the latest corrective pullback. In doing so, the quote stays above 10-day SMA, amid strong RSI conditions, during the early Asian trading session on Thursday.

Today Advise:Bullish

Key Levels:

PPResistance*1.3741 *1.3800 **1.3841 ***
1.3700Support*1.3641*1.3600 **1.3541 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD: Breaks six-week-old support below 0.7650, eyes further losses.

Trend Review:AUD/USD drops to the fresh low of the month after breaking 0.7640 horizontal support. Bearish MACD, sustained trading below 21-day EMA suggests further weakness. 50-day EMA lures short-term sellers, monthly resistance line adds to the upside barriers.

Today Advise:Bullish

Key Levels:

PPResistance*0.7735 *0.7809 **0.7855 ***
0.7689Support*0.7614 *0.7569 **0.7494 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI: Bears attack key support confluence above $52.00.

Trend Review:WTI stays depressed while fading the bounce off $51.82. The energy benchmark fails to keep the previous day’s corrective pullback amid downbeat RSI and MACD signals. However, a clear break of $52.30 becomes necessary for WTI sellers to enter.

Today Advise:StronglyBearish

Key Levels:

PPResistance*53.30 *53.98 **54.72 ***
52.56Support*51.88 *51.14 **50.45 ***

Position Datas:

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XAUUSD

Trend Theme:Gold struggles to keep bounce off eight-day low below $1,850, eyes US Q4 GDP.

Trend Review:Gold fades the corrective pullback despite snapping two-day losing streak. The yellow metal dropped to the lowest in eight days on Wednesday before bouncing off $1,831. Fed marked dovish halt, Powell tried to placate bears. 

Today Advise:Bullish

Key Levels:

PPResistance*1852.21 *1863.63 **1874.05 ***
1841.79Support*1830.37 *1819.95 **1808.53 ***

Position Datas:

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