8DC FX Daily Analysis

January 24 2022

D1 GBPUSD

The GBP is suffering from a combination of poor economic data released last Friday, and political uncertainty over the future of PM Boris Johnson.

The GBPUSD is going to be supported at 1.3540, if broker it would target 1.3500 and possibly 1.3480 in extension.

Resistance will be found at 1.3580/90 and again at 1.3630/40.

D1 USDJPY

The JPY could be a beneficiary of risk off flows should the tensions with Russia and the Ukraine escalate this week.

The USD is finding support just above last weeks low at 113.60/50, however a break here would see further weakness to 113.00 and possibly 112.70.

Resistance is found at at 114.20/30 and if broken the dollar will target 114.70.

D1 EURUSD

Support at 1.1300 held on Friday and prompted a recovery to 1.1359.

While the EURUSD remains above 1.1300 you could see further upside potential to test again 1.1360, and strong resistance at 1.1390/1.1400.

However a break of 1.1300 opens up a drop to 1.1270 and 1.1230.

D1 XAUUSD

With strong support at 1830/1828 unbroken, you should see some renewed upside progress towards 1844/46. If we can break 1846 the target will be 1852/54 and possibly 1860 in an extended move up.

However, a failure at 1828 would open a drop back down to 1818 and 1812 possibly 1798

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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