RedstoneFx Analyst
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Redstone Morning Analysis 28/4/2021

USD/JPY

Trend Theme:USD/JPY surges in Tokyo to pressure shorts and stops.

Trend Review:USD/JPY taking on bear’s commitments, in a clearout ahead of the Fed. USD/JPY is currently trading between a range of 108.62 and 108.91 and climbing some 0.2% on the session as the dollar pulls some punches ahead of the Federal Reserve’s interest rate decision later today. 

Today Advise:StronglyBullish

Key Levels:

PPResistance*108.96 *109.21 **109.65 ***
108.52Support*108.27 *107.83 **107.58 ***

Position Datas:

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GBP/USD

Trend Theme:GBP/USD: Drops towards two-week-old support line near 1.3900.

Trend Review: GBP/USD stays pressured around the intraday low of 1.3890, down 0.12% on a day, during Wednesday’s Asian session. 100, 200-SMA confluence can test the bears amid upbeat Momentum. Weekly resistance line guards short-term upside ahead of 1.3950 horizontal hurdle.

Today Advise:Bearish

Key Levels:

PPResistance*1.3936 *1.3963 **1.4002 ***
1.3897Support*1.3871 *1.3832 **1.3805 ***

Position Datas:

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WTI/USD

Trend Theme:WTI: Bears eye a $62.41 support level.

Trend Review:WTI bears stepping in at a key level of resistance. Bears will eye the daily support in the $62.40s. The oil market’s price action was quite a sceptical overnight. As per the prior W-formation on the daily chart above, there is the scope of a downside test of the current W-formation’s neckline.

Today Advise:Bullish

Key Levels:

PPResistance*63.53 *64.07 **64.89 ***
62.70Support*62.17 *61.34 **60.80 ***

Position Datas:

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XAUUSD

Trend Theme:Gold bears cheer break of monthly support line below $1800.

Trend Review:Gold drops to the fresh one-week low of $1,767.68, down 0.43% intraday, during early Wednesday. Downbeat MACD, trend line break favor short-term sellers. Two-month-old horizontal area, 200-SMA to test the bears.

Today Advise:Bullish

Key Levels:

PPResistance*1783.77 *1790.62 **1795.60 ***
1778.79Support*1771.94 *1766.96 **1760.11 ***

Position Datas:

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