8DC FX Daily Analysis

D1 GBPUSD

The GBPUSD failed in its attempt to break higher. The subsequent GBP weakness has seen a recent test of support at 1.3580. A break here would see further losses to 1.3550 and target 1.3520 in an extended drop.

If the Pound can regain 1.3630/40 then the downside pressure will be lifted, another upside attempt would follow, with 1.3660/70 as the target.

D1 EURUSD

The EURUSD is under pressure this morning testing support at 1.1300 a break here would open up 1.1280/70 and if broken, an extended down move should be expected to 1.1230.

If the EURUSD can recover 1.1330/40, then the immediate downside threat would be lifted, in favour of another attempt at 1.1360/70

D1 USDJPY

USDJPY probing support in the 113.70/80 area a break here would see an attempt on 113.40 and possibly 113.10 in extension of a downside break.

Resistance is now going to found at 114.20/30 if the dollar can recover here, then a move up to 114.60/70 should follow.

D1 XAUUSD

After breaking resistance at 1830 Gold did surprisingly little yesterday, it certainly didn’t kick on or decide to test support. Hopefully today will be more interesting.

Support is at 1830/1828, if broken then the upside move would be a failure. Sellers would target 1814/1812. However while support at 1830 holds you should look for a test of resistance that sits at 1846.00, a break here targets 1852/1854.

Trade Forex, Crypto, Precious and Industrial Metals and much more at http://www.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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