April 8 2022
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
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
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.
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.
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