Redstone Morning Analysis 19/01/2023

EUR/USD

Trend Theme：EUR/USD remains sideways around 1.0800 ahead of ECB Lagarde’s speech.

Trend Review：The EUR/USD pair is displaying a lackluster performance below the critical resistance of 1.0800 in the Asian session. The major currency pair has turned sideways as investors are awaiting the speech from European Central Bank (ECB) President Christine Lagarde for fresh impetus.

Today Advise：Bearish

Key Levels：

Weekly forecast：

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AUD/USD

Trend Theme：Bears cheer rising wedge confirmation around 0.6900.

Trend Review：AUD/USD remains on the back foot for the second consecutive day after refreshing the multi-month high, down half a percent as bears poke the 0.6900 threshold during early Thursday.AUD/USD is likely to decline further but the downside room appears limited.

Today Advise：Bearish

Key Levels：

Weekly forecast：

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WTI

Trend Theme：Oil rises on U.S. recession fears, unexpected build in inventories.

Trend Review：Oil prices fell more than 2% on Wednesday, reversing earlier gains, as fears of a possible U.S. recession outweighed optimism that lifting coronavirus restrictions would boost demand. An unexpected build in U.S. crude stockpiles last week also capped gains.

Today Advise：Bearish

Key Levels：

Weekly forecast：

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XAU/USD

Trend Theme：Gold appears pressured towards $1,890.

Trend Review：Gold price  remains depressed around the weekly low near the $1,900 threshold, declining for the fourth consecutive day, as the US Dollar bounces off a multi-day low amid contrasting signals from the US data and Federal Reserve (Fed) officials. 

Today Advise：Bullish

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Weekly forecast：