February 23 2022
The fear of further Russian advances into the Ukraine will probably limit Golds downside for the time being. Resistance is found today at 1906, a break up from here would target yesterdays highs 1912/1914. However, given that Gold is overbought, the market will need a risk-off headline to make a higher high.
Support is first found at 1894 and if broken the target will be 1888 possibly 1884.
USDJPY bounced off strong support yesterday at 114.50/60 and recovered back above 115 to test resistance at 115.20. The Dollar now needs to break back above 115.20 to target 115.50 and 115.80 resistance.
If the dollar fails to break higher, then the risk is for more downside. Initial support is found at 114.80, which if broken you will see another attempt on 114.50.
Yesterday the EURUSD failed to break support at 1.1290 again, and then reversed to fail to break resistance at 1.1360 again!
1.1320 support this morning is probably the key to direction today if this area holds firm, then you will see another run to 1.1360. However, if it breaks then 1.1290 is under threat.
Above 1.1360 you could see 1.1390/1.1400 or below 1.1290 the target is 1.1260
Cable traded down to support at 1.3540 yesterday, before recovering back to 1.3600.
The GBP seems to have some upside moment this morning and should look to test resistance at 1.3620 possibly attempting 1.3650.
Failure to break 1.3620 would see the pound slip back to 1.3570 possibly 1.3540.
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