RedstoneFx Analyst

Redstone Morning Analysis 3/5/2021


Trend Theme:EUR/USD: Defends 1.2000 but bears stay hopeful.

Trend Review:EUR/USD struggles to overcome the heaviest daily losses in a year. Receding bullish bias of MACD, 100-day SMA breakdown direct sellers toward seven-week-old horizontal support. Bulls need a daily closing beyond 1.2100 to retake control.

Today Advise:Bullish

Key Levels:

PPResistance*1.2092 *1.2164 **1.2202 ***
1.2054Support*1.1982 *1.1945 **1.1872 ***

Position Datas:StronglyBearish



Trend Theme:AUD/USD: Bulls looking to new daily resistance.

Trend Review:AUD/USD is on the bid is making hard work of the upside. There are prospects of a meanwhile test of old support on the daily chart. Aussie is trapped between support and resistance but there are market structure developments that should be noted for the open this week .

Today Advise:StronglyBearish

Key Levels:

PPResistance*0.7769 *0.7822 **0.7859 ***
0.7732Support*0.7680 *0.7643 **0.7590 ***

Position Datas:



Trend Theme:WTI: Picks up bids toward $64 as mixed clues on supplies join mildly bid S&P 500 Futures.

Trend Review:WTI rises to $63.70, up 0.39% intraday, amid Monday’s Asian session. The risk-on mood, backed by hopes of further stimulus, join the consolidation of last Friday’s heavy losses to keep the buyers hopeful. Also contributing to the commodity’s run-up could be geopolitical headlines concerning North Korea, China and Iran.

Today Advise:Bearish

Key Levels:

PPResistance*64.54 *65.63 **66.38 ***
63.79Support*62.70 *61.96 **60.87 ***

Position Datas:



Trend Theme:Gold bulls seeking continuation in dollar weakness.

Trend Review:Gold is starting out the week in holiday thin markets flat and idles $1,769. A focus for the week ahead is in the short dollar position which also relatively high, so profit-taking ahead of this week’s jobs data on Friday could be the theme.

Today Advise:Bullish

Key Levels:

PPResistance*1773.57 *1778.35 **1782.99 ***
1768.93Support*1764.15 *1759.51 **1754.73 ***

Position Datas:

Ready to trade?

Get started with your RedstoneFX account today.

Easy funding & withdrawals

No deposit fees^