RedstoneFx Analyst
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Redstone Morning Analysis 29/1/2021

AUD/USD

Trend Theme:AUD/USD drops further below 0.7700 as risk dwindles amid a quiet session.

Trend Review:AUD/USD remains on the back foot while refreshing intraday low after Aussie data. Australia’s Producer Price Index grew more than expected in Q4. Risk catalysts remain as the key amid a lack of major data/events.

Today Advise:StronglyBearish

Key Levels:

PPResistance*0.7728 *0.7767 **0.7836 ***
0.7660Support*0.7621 *0.7552 **0.7513 ***

Position Datas:

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USD/CAD

Trend Theme:USD/CAD: Bulls in control near term, but case for daily correction can be made.

Trend Review:The price of USD/CAD has stalled in its upside correction on the long-term charts and bears are lurking below critical weekly resistance. The following illustrates the prospects of a correction to the latest bullish impulse’s highs that would be expected to act as support prior to the next bullish advance from a daily perspective.

Today Advise:StronglyBullish

Key Levels:

PPResistance*1.2865 *1.2920 **1.2959 ***
1.2827Support*1.2772 *1.2734 **1.2679 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI: 21-day SMA questions downside break of 12-week-old support line.

Trend Review:WTI consolidates recent losses near $52.10 during the early Asian session on Friday. In doing so, the energy benchmark portrays a corrective pullback from 21-day SMA while keeping the previous day’s break of an ascending trend line from November 02.

Today Advise:StronglyBearish

Key Levels:

PPResistance*53.10 *53.97 **54.44 ***
52.64Support*51.77 *51.30 **50.43 ***

Position Datas:

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XAUUSD

Trend Theme:Gold prices stabilise having seen earlier gains eroded.

Trend Review:Spot gold prices saw whipsaw price action on Thursday, rallying from around $1840 to highs in the $1860s and back again. The rally tracked upside in silver as speculation grew about retail interest. Fundamentals seemed not to matter too much on Thursday.

Today Advise:StronglyBearish

Key Levels:

PPResistance*1859.62 *1876.95 **1889.72 ***
1846.85Support*1829.52 *1816.75 **1799.42 ***

Position Datas:

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