8DC FX Daily Update

February 2 2022

D1 GBPUSD

GBPUSD continues on its move up this morning, testing resistance at 1.3530/40. A break up here would then target 1.3580.

Support for the GBPUSD will be found first at 1.3480 and strong support at 1.3440/30

D1 USDJPY

Support at 114.60/50 has held up the dollars decline, however the bounce back has not been very impressive. The USD needs to break above 115.20 to alleviate the immediate threat of further downside tests of 114.50 and possibly 114.00

D1 EURUSD

The EURUSD is chipping away at 1.1270/80 resistance this morning, if it can break this level the target will be 1.1320 or even 1.1360 in an extended move.

Support is found at 1.1220 and 1.1180

D1 XAUUSD

Gold ran out of steam after hitting our upside target of 1808, and has since slipped back sub 1800 testing 1798 support. A break of 1798 will open up further downside probes of 1792 and possibly extending to 1786.

Immediate resistance is found now at 1802 and then 1808 yesterdays high. A break of 1808 will see 1816 as the next target.

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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