RedstoneFx Analyst
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Redstone Morning Analysis 29/7/2021

GBP/USD

Trend Theme:GBP/USD reclaims 1.3900 mark post-Powell comments, softer USD.

Trend Review:GBP/USD continues to move higher consecutively for the past three sessions. US dollar remains persistently below 92.50 after Fed’s dovish stance. The sterling holds the ground on a remarkable drop in COVID-19 cases. 

Today Advise:Bullish

Key Levels:

PPResistance*1.3929 *1.3955 **1.3998 ***
1.3886Support*1.3860 *1.3817 ** 1.3792 ***

Position Datas:

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USD/JPY

Trend Theme:USD/JPY consolidates below 110.00 ahead of US critical data.

Trend Review:USD/JPY consolidates gains on Thursday in the initial trading session. Lower US Treasury yields undermine the demand for the US dollar. The yen remains unchanged after the BOJ summary of opinions suggests a longer accommodative monetary policy. 

Today Advise:Bearish

Key Levels:

PPResistance*110.23 *110.53 **110.77 ***
109.98Support*109.68 *109.44 **109.13 ***

Position Datas:

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WTI

Trend Theme:WTI: Eases from three-week-old resistance line, 21-DMA.

Trend Review:WTI oil prices seesaw around $72.00, down 0.15% intraday, during Thursday’s Asian session. The energy benchmark refreshed two-week top the previous day while posting a daily close beyond 21-DMA and 61.8% Fibonacci retracement (Fibo.) for the first time since July 14.

Today Advise:Bullish

Key Levels:

PPResistance*72.50 *72.87 **73.37 ***
72.00Support*71.63 *71.13 **70.76 ***

Position Datas:

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XAU/USD

Trend Theme:Gold stays firmer above $1,800 after Fed showdown.

Trend Review:Having posted the heaviest daily closing in over two weeks, Gold (XAU/USD) holds onto Fed-led upside momentum around $1,808, gaining 0.10% intraday amid the early Asian session on Thursday. The yellow metal showed no major reaction to the Federal Open Market Committee (FOMC) statement.

Today Advise:Bullish

Key Levels:

PPResistance*1813.66 *1820.35 **1830.86 ***
1803.15Support*1796.46 *1785.95 **1779.26 ***

Position Datas:

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