February 10 2022
It is groundhog day in the major forex pairs, as we are stuck just about mid range. However, as we all know the forex market is a dangerous place for the complacent. Tonight’s release of US CPI for January is eagerly awaited. Consensus is for headline number of 7.3% and core inflation at 5.9%. The only question left is, will it be a 0.25% or 0.5% in March!
So we know resistance is 1.1480 if broken look for 1.1530 next.
Alternatively support is 1.1400/1.1390 if broken 1.1340.
Cable failed to break resistance at 1.3580 yesterday , and has seen a correction back down towards support at 1.3510/1.13500 which if broken will encourage further losses to 1.3440.
However, if the GBP regains some upside moment we will get another test of 1.3580 and possibly 1.3630.
USDJPY is attempting to break 115.70/80 again, if broken you will see 116.00 and 116.30.
However, another failure will cause a correction to 115.20/10 and possibly 114.90
Gold is or was leading the way, having broken 1830 resistance.
However, further gains look to be heavy going. As the market is waiting on the US CPI , wondering if it could cause a bout of USD strength.
Resistance will be found at 1840/1842 and again at 1852, support is 1826 and 1816
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