8DC FX Daily Analysis

February 8 2022

D1 GBPUSD

Yesterday’s failed attempt to break below 1.3500, will give the GBP bulls hope of further gains to target 1.3560 and then 1.3590.

However, a break back below 1.3500 suggests further weakness to 1.3450/40.

D1 USDJPY

USDJPY tested support at 115.00/114.90 yesterday. This morning the USD is edging higher towards resistance at 115.50, if broken we will see further gains to 115.70 and possibly the recent highs above 116.00.

Alternatively, a break back below 115.00 risks a deeper correction to 114.50 support.

D1 EURUSD

EURUSD continues to find the upside hard going above 1.1450. However this loss of upside momentum has not yet seen a serious attempt to break 1.1400 support.

If 1.1400 support can be broken then the target will be 1.1360/50 and possibly 1.1320 in an extended downside move.

Resistance is found at 1.1460 and 1.1480 which if broken will give renewed hope for a move up to target 1.1530.

D1 XAUUSD

Gold is moving up to test resistance at 1824 and possibly the key pivot of 1830/32, a break here would likely spark some short covering and see further gains to 1840 and beyond.

Support is now found at 1812 and again at 1804 then 1798.

Trade Forex, Gold and other metals 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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