RedstoneFx Analyst
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Redstone Morning Analysis 31/3/2021

EUR/USD

Trend Theme:EUR/USD: 1.1700-1685 area can test bears.

Trend Review:EUR/USD bears catch a breather around low marked on November 05, 2020. Bearish MACD, sustained trading below 200-day SMA favor sellers. Multiple bottoms since late-July add to the downside filters. Five-week-old falling trend line also becomes important resistance.

Today Advise:Bullish

Key Levels:

PPResistance* 1.1757 *1.1797 **1.1819 ***
1.1734Support*1.1695 *1.1672 **1.1632 ***

Position Datas:

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GBP/USD

Trend Theme:GBP/USD: Bears giving back ground to the bulls towards neckline resistance.

Trend Review:GBP/USD is carving out a slightly bullish case on the lower time frames, cutting into the bearish prospects of a downside daily extension. Meanwhile, as per the hourly chart, the right-hand shoulder was formed and gave additional conviction to the downside bias.

Today Advise:Bull

Key Levels:

PPResistance*1.3780 *1.3821 **1.3858 ***
1.3743Support*1.3703 *1.3666 **1.3626 ***

Position Datas:

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WTI-OIL

Trend Theme:WTI stays supported above $60.00 level despite mixed API inventory report.

Trend Review:Front-month futures contracts for the American benchmark of sweet light crude oil, West Texas Intermediary or WTI, ended Tuesday’s session with losses of just under $1.50 or about 2.3%, with WTI dropping back from Asia Pacific session highs above the $62.00 level back to support at $60.00. 

Today Advise:Bearish

Key Levels:

PPResistance*61.78 *63.16 **64.07 ***
60.87Support*59.49 *58.58 **57.20 ***

Position Datas:

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XAUUSD

Trend Theme:Gold: Upside correction from daily support on the cards?

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*1706.88 *1728.51 **1742.57 ***
1692.82Support*1671.19 *1657.13 **1635.50 ***

Position Datas:

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