Strong US NFP was only part of the story for the EURUSD selling on Friday, economic data is not the focus. it’s the war. Safe haven flows crushed the the EUR against all its peers.
Totally unwanted the EURUSD went into free fall on Friday. This mornings early Asian trade there still seems little appetite to buy the single currency, which is trying to find some support at 1.0860. It is difficult to bottom pick with such sentiments in play.
The first area of resistance which I can see is at 1.0900 and then 1.0940.
However, if the EURUSD can recover and hold above 1.1000. Only then do I think sentiment will improve.
The Pound also suffered from safe have flows and USD strength. Some support for cable this morning is found at 1.3200 and then 1.3160.
First resistance is at 1.3280 which if broken will see 1.3340.
After the upside failure at 115.70 the USDJPY broke the pivotal support at 115.20 and ultimately tested strong support at 114.60/50 albeit on safe haven flows, which so far has held. well.
Resistance is now at 115.20 which if broken would see another upside probe of 115.70.
However, a break of 114.60/50 targets 114.10
Gold jumped higher this morning as its safe haven status continued to help it defy gravity.
The Yellow metal is finding some resistance at 1992 this morning, and as it gets closer to the key psychological level of $2000 resistance may become stronger.
Support is now found at 1972/1970 and 1966.00.
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