RedstoneFx Analyst
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Redstone Morning Analysis 29/3/2021

GBP/USD

Trend Theme:GBP/USD: 50-day SMA guards immediate upside.

Trend Review:GBP/USD cools down after two consecutive days of upside, takes rounds to 1.3800 during Monday’s Asian session. Normal RSI conditions back bounce off 10-week-old support line, 50% Fibonacci retracement. Falling trend line from February 24 offers an extra hurdle to the north.

Today Advise:Bearish

Key Levels:

PPResistance* 1.3823 *1.3859 **1.3905 ***
1.3777Support*1.3740 *1.3694 **1.3658 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY: Off intraday high below 110.00 amid risk-off mood.

Trend Review:USD/JPY takes a U-turn from intraday top but stays positive for the fourth consecutive day. BOJ’s “Summary of Opinions” back extensive monetary policy easing. Risk catalysts remain the key amid a light calendar.

Today Advise:StronglyBullish

Key Levels:

PPResistance*109.94 *110.25 **110.66 ***
109.53Support*109.22 *108.82 **108.51 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI sees sharp rebound back above $61.00 as see-saw price action continues.

Trend Review:See-saw price action in crude oil markets, the story of the week, has continued on Friday. After dipping all the way back to within a whisker of weekly lows under the $57.50 mark on Thursday, front-month WTI futures contracts have seen a sharp recovery back above the $61.00 level. 

Today Advise:Bullish

Key Levels:

PPResistance*61.95 *63.16 **64.97 ***
60.14Support*58.94 *57.13 **55.92 ***

Position Datas:

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XAUUSD

Trend Theme:Gold tracks S&P 500 Futures to print mild losses below $1,750.

Trend Review:Gold fades bounce off intraday low amid quiet session. S&P 500 Futures drop 0.50%, DXY struggles to keep the gap-up opening. US-China trade fears, virus woes on Europe and Australia weigh on sentiment. Geopolitical catalysts from the Middle East, Asia add to the risk-off mood.

Today Advise:Bearish

Key Levels:

PPResistance*1739.11 *1745.53 **1754.24 ***
1730.40Support*1723.98 *1715.27 **1708.85 ***

Position Datas:

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