RedstoneFx Analyst
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Redstone Morning Analysis 3/2/2021

EUR/USD

Trend Theme:EUR/USD: Daily chart shows a head-and-shoulders breakdown.

Trend Review:EURUSD’s daily chart shows a bullish-to-bearish trend change. The breakdown is backed by a below-50 or bearish reading on the 14-day Relative Strength Index and has created room for a sell-off to 1.1750 (target as per the measured move method).

Today Advise:Bearish

Key Levels:

PPResistance*1.2079 *1.2122 **1.2156 ***
1.2046Support*1.2003 *1.1969 **1.1927 ***

Position Datas:

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AUD/USD

Trend Theme:AUD/USD turns south towards 0.7600 on RBA’s Lowe.

Trend Review:AUD/USD erases gains and reverts towards 0.7600 after the RBA Governor Lowe said that there would have been “unwelcome upward pressure” on the AUD without QE extension Despite the pullback, the aussie holds the higher ground amid broad-based US dollar retreat. 

Today Advise:Bearish

Key Levels:

PPResistance*0.7653 *0.7707 **0.7752 ***
0.7608Support*0.7553 *0.7508 **0.7454 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI hits 12-month highs above $55.00 per barrel.

Trend Review:Crude oil prices rallied to their highest levels in over a year on Tuesday. Front-month futures for West Texas Intermediary (WTI) rallied from the mid-$53.00s to above $55.00 per barrel for the first time since January 2020, prior to the global spread of the Covid-19 virus, closing the session with gains of $1.51 or nearly 3%. 

Today Advise:StronglyBullish

Key Levels:

PPResistance*55.48 *56.25 **57.33 ***
54.40Support*53.63 *52.55 **51.78 ***

Position Datas:

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XAUUSD

Trend Theme:Gold consolidates biggest losses in a month below $1850.

Trend Review:Gold prices struggle to recover from two-week low. Risk catalysts await fresh clues to extend previous optimism, US dollar strength. China’s Caixin Services PMI, US stimulus talks and market chatters be the key.

Today Advise:Bearish

Key Levels:

PPResistance*1856.88 *1877.82 **1891.47 ***
1843.23Support*1822.29 *1808.64 **1787.70 ***

Position Datas:

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