8DC FX Analysis

February 18 2022

D1 GBPUSD

GBPUSD managed to get back above 1.3600 ,but has yet to seriously challenge the Feb 10 high above 1.3640. A failure to break this high, would see some corrective moves lower towards 1.3550 and possibly 1.3520.

Above 1.3640 the cable bulls will start to get excited and target 1.3680 maybe even 1.3740 at a stretch!

D1 XAUUSD

Gold continues to be the darling of the safe haven crowd, being driven around by geopolitical headlines. Despite looking over extended the risk of war will limit the downside for the time being.

Some interesting levels of support are found at 1888, 1880 and 1872.

Immediate resistance will be found at 1898,1904 and 1910

D1 USDJPY

The dollar failed to break above 115.70/80, and was already looking to be going down, when some JPY friendly safe haven headlines hit the newswires. This gave the market the momentum to break the daily support at 115.20.

However, the USD didn’t fall much below 114.80, and has since recovered its poise. If the dollar recovery can continue to get back above 115.40, then the downside threat would be forgotten. The market focus will again return to 115.80 and beyond.

A failure to regain 115.40 would keep the downside pressure in place to test 114.80, and possibly 114.50 in extension.

D1 EURUSD

EURUSD trading sideways today below resistance 1.1380/1.1400 a failure to break up here would see the single currency drop back to support at 1.1330 possibly 1.1300.

A break of 1.1400 would set a new target for the EUR at 1.1430/40

contact us at support@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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