8DC Analysis

April 8 2022

D1 USDJPY

USDJPY failed to hold onto gains above 124.00/10. While below this resistance expect more consolidation and possible downside corrections towards support at 123.50/40, and if broken the target will be 123.20

Above 124.00/10 the upside targets to look for are 124.40 and 124.80

D1 EURUSD

EURUSD support is under pressure this morning at 1.0860, and if broken you could see a drop to 1.0820/1.0800.

Resistance is found at 1.0900 and 1.0940

D1 GBPUSD

Cable continues to consolidate in a range roughly 1.3100 to 1.3050

If the pound can break back and hold above 1.3100 it will target 1.3140/50.

Failure to break 1.3100, you should expect more downside drift to 1.3050/40, which if broken opens up a test of 1.3010/1.3000 support.

D1 XAUUSD

Gold continues to range trade finding support on dips below 1820.

For today resistance is found first at 1936 which if broken target 1940/42.

Buyers are found at 1928/26 if broken the target will be 1920/18

However, you have to wonder at what point will the aggressive rate hikes promised by the US Federal Reserve come into play. The upside for Gold may be limited.

To trade forex and gold go to 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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