RedstoneFx Analyst
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Redstone Morning Analysis 30/3/2021

AUD/USD

Trend Theme:AUD/USD: Sluggish above 0.7600 amid mixed clues.

Trend Review:AUD/USD retreats after reversing early Monday’s losses by the day’s end. $20 billion block-sale, month-end positioning weigh on equities, Treasury yields stay firm. Vaccine optimism battles fears of tax hike in infrastructure spending plan, Sino-American tussle escalates.

Today Advise:Bearish

Key Levels:

PPResistance* 0.7681 *0.7727 **0.7760 ***
0.7647Support*0.7601 *0.7568 **0.7522 ***

Position Datas:

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USD/CAD

Trend Theme:USD/CAD retreats below 1.2600 as DXY returns to 92.80 area.

Trend Review:The USD/CAD climbed to a fresh session high of 1.2621 in the early American trading hours but reversed its direction and erased a large portion of its daily gains. 

Today Advise:Bearish

Key Levels:

PPResistance*1.2620 *1.2650 **1.2673 ***
1.2597Support*1.2568 *1.2545 **1.2515 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI choppy above $60.00 as traders look ahead to this week’s OPEC+ meeting.

Trend Review:Front-month futures contracts for West Texas Intermediary (WTI), the American benchmark for sweet light crude oil, have seen two-way price action over the last few hours, swinging between sub-$59.50 and close to $62.00 levels.

Today Advise:Bullish

Key Levels:

PPResistance*62.43 *63.26 **64.77 ***
60.92Support*60.09 *58.59 **57.75 ***

Position Datas:

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XAUUSD

Trend Theme:Gold consolidates heaviest losses in a month above $1,700.

Trend Review:Gold keeps bounce off the lowest in 12 days. Gold prices struggle to extend late Monday’s recovery moves amid the initial Asian session on Tuesday. A lack of major catalysts seems to have capped the bullion’s moves off-late.

Today Advise:Bullish

Key Levels:

PPResistance*1728.39 *1744.53 **1755.81 ***
1717.11Support*1700.97 *1689.69 **1673.55 ***

Position Datas:

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