RedstoneFx Analyst
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Redstone Morning Analysis 3/3/2021

USD/JPY

Trend Theme:USD/JPY retreats from 106.95, retains its bullish potential.

Trend Review:The USD/JPY pair eased just modestly from fresh 2021 high, despite lower US Treasury yields and mixed US equities. Additional gains likely in the near-term.

Today Advise:Bearish

Key Levels:

PPResistance*106.91 *107.07 **107.19 ***
106.79Support*106.63 *106.52 **106.35 ***

Position Datas:

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USD/CAD

Trend Theme:USD/CAD: Battles key HMA confluence below short-term resistance line.

Trend Review:USD/CAD trims early day gains towards revisiting the 100, 200-HMA confluence.  The quote fizzles the early Asia recovery moves but stays above the key HMA confluence as the MACD teases bulls. =Sustained trading above key Fibonacci retracements, MACD conditions favor recovery moves.

Today Advise:Bullish

Key Levels:

PPResistance*1.2680 *1.2738 **1.2777 ***
1.2640Support*1.2582 *1.2542 **1.2484 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI refreshes weekly low under $60.00 on API inventory build, OPEC+ comments.

Trend Review:WTI remains on the back-foot for the fourth consecutive day while declining to $59.40 during the initial Asian session on Wednesday. The energy benchmark recently dropped on the private inventory data while comments from the OPEC+ and an absence of the risk-on mood earlier weighed on the black gold.

Today Advise:Bearish

Key Levels:

PPResistance*60.58 *61.72 **62.34 ***
59.97Support*58.83 *58.22 **57.08 ***

Position Datas:

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XAUUSD

Trend Theme:Gold stays on the front-foot towards $1,750 amid mixed clues.

Trend Review:Gold extends corrective pullback from 8.5-month low to refresh weekly high. The yellow metal stretches the bounce off the lowest since June 2020 to the weekly high near $1,740 before recently catching a breather.

Today Advise:Bearish

Key Levels:

PPResistance*1745.39 *1757.61 **1776.67 ***
1726.33Support*1714.11 *1695.05 **1682.83 ***

Position Datas:

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