Daily Analysis

Wednesday the 5th of January 2022

USDJPY D1

The major feature of yesterdays trading was JPY weakness, the USD recorded a high print of 116.34. A 5 year high for the greenback.

116.40 is the next resistance and if broken you will get a run at 117.00. However, after such a strong break up, I would be surprised if the market does not correct, and retest the recent break out point at 115.40.

Immediate support will be found at 115.80 and then at 115.40.

GBPUSD D1

Resistance at 1.3550/60 remains intact and the barrier to further gains to 1.3600

Support is just below 1.3500 at 1.3480 and again at 1.3440

EURUSD D1

EURUSD testing support at 1.1270/1.1260 here in early asian trade.

A break of support risks a drop to 1.1220 and possibly 1.1180 in extension

Resistance is now found at 1.1320 and 1.1340.

XAUUSD D1

Support at 1798/1800 held well in yesterdays trade and prompted a recover back towards 1820, before running out of steam around 1818.00

Resistance remains in the 1818/1820 area and if broken you will see another attempt at the recent 1830/1832 highs.

However, failure to break 1820/1822 will likely see a test of support at 1808 and possibly 1800/1798 in extension.

To trade forex and metals and much more go to http://www.8dcglobal.com or contact us at support@8dcglobal.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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