March 21 2022
EURUSD is consolidating in early Asian trade after finding support at 1.1010 on Friday. However, if the EUR is unable to recover above 1.1080 soon, more downside probes of support at 1.1000/1.0980 are likely to follow.
Above 1.1080 the EUR will regain its upside momentum and challenge 1.1120, and possibly 1.1160 in extension.
Cable is finding it difficult to break back above 1.3200. While we are below this level the risk is that we see another drop to 1.3100/1.3090, which if broken will see further losses to 1.3060 and possibly 1.3020.
However, if 1.3200 is broken 1.3240 and 1.3280 are the initial upside targets.
USDJPY continues to hang on to its highs with little sign of a top being in place. Resistance this morning is first at 119.40 which if broken would see 119.70/80 as the next target area.
If the dollar fails to make progress on the upside and we will get an overdue correction, you should find some support at 119.00, which if broken will open up a drop to 118.70/118.60.
Gold found some support this morning around 1920 and now has some upside momentum to challenge resistance at 1930/1932, which if broken would allow further gains to 1936 and possibly 1942 in extension.
Failure to break back above resistance at 1930 would see more downside tests of 1920 and possibly 1914 and 1908.
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