March 10 2022
Gold fell back to earth with a bump in yesterdays trade, and as we pick up the pieces this morning the risk-on sentiment still dominates the flow in Asia.
Immediate support for Gold is found at 1970, and then 1962, which if broken the next target will then be 1952.
Resistance is found first at 1984, then 1996 and 2006.
USDJPY managed to break above 115.70/80 and this morning and is now grinding its way up towards the next area of resistance which is found at 116.30/40.
Support will be found on dips to 115.70/60 and again at 115.20
The pound got left behind as the risk-on sentiment lifted the EUR and its crosses. However, to me the GBP looks somewhat oversold.
This mornings first support is found at 1.3130/20, which if broken the next downside target is going to be 1.3070.
Should the GBP not break the downside, you will find resistance first at 1.3180/90, and if the GBP breaks here, it should move to 1.3220, and possibly 1.3260 in extension.
The EUR had its best day against the USD for a month, as it headed towards 1.1100.
The outlook for the EUR is still uncertain with war waging in the Ukraine. However, from my point of view as long as EURUD remains above 1.0980 support, we may have seen the EUR low, at least for the time being.
The failure at 1.1090/1.1100 resistance has seen a EURUSD correction from the highs. As long as key support holds, expect another attempt at 1.1090 resistance, which if broken the target will then be 1.1140.
Support for the EUR is now at 1.1020, with my key area of support now at 1.0980.
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