8DC FX Analysis

March 23 2022

D1 USDJPY

Strong demand continues to drive the USDJPY higher touching just above 121.40 this morning. However there are signs that a small correction is starting to take hold.

The initial target for a correction would be 120.80 and then 120.40 in extension. However, if the market breaks resistance at 121.40 you will see further advances to 121.80.

D1 XAUUSD

Gold is finding support from dip buyers at 1918/1916 this morning. However if this support is broken you could see further losses to yesterdays lows 1912/1910.

Resistance is found at 1926 and then 1932.

D1 GBPUSD

Cable finally managed to break above 1.3200 resistance yesterday and hit the initial upside target at 1.3280. If the Pound breaks 1.3280 the next target is 1.3340.

Strong support for the GBP will now be found at 1.3220/1.3200.

D1 EURUSD

EURUSD recovered well off yesterdays lows at 1.0970/60. To keep the upside momentum the single currency needs to first break 1.1040, and then strong resistance at 1.1080.

Support is found first at 1.1010/1.1000 and then at yesterdays lows 1.0970/60.

To trade Gold and other metals as well as forex click http://www.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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