EM LATAM CREDIT: "ARGENTINE CENTRAL BANK RESERVES TODAY AT $28.40B" - BBG

• RES 4: 1.2607 High Dec 30
• RES 3: 1.2597 50-day EMA     
• RES 2: 1.2398 20-day EMA 
• RES 1: 1.2322 High Jan 10 
• PRICE: 1.2174 @ 19:17 GMT Jan 17
• SUP 1: 1.2100 Low Jan 10 and the bear trigger 
• SUP 2: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
• SUP 3: 1.2037 Low Oct 4 ‘23 and a key support 
• SUP 4: 1.2000 Psychological round number      

The trend direction in GBPUSD remains down and short-term gains are considered corrective. Recent weakness has confirmed a resumption of the downtrend and marks an extension of the price sequence of lower lows and lower highs. Note too that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on 1.2087 next, a Fibonacci projection. Initial firm resistance is at 1.2398, the 20-day EMA. 

• RES 4: 0.6429 High Dec 12
• RES 3: 0.6384 High Dec 13               
• RES 2: 0.6302/41 High Jan 50-day EMA   
• RES 1: 0.6233/47 20-day EMA / High Jan 15
• PRICE: 0.6199 @ 20:07 GMT Jan 17 
• SUP 1: 0.6131 Low Jan 13   
• SUP 3: 0.6100 Round number support
• SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
• SUP 4: 0.5994 1.618proj of the Sep 30 - Nov 6 - 7 price swing

A bearish trend condition in AUDUSD remains intact and the latest recovery is considered corrective. The pair has recently breached support at 0.6179, the Dec 31 low, maintaining the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too. Scope is seen for an extension towards the 0.6100 handle next. Initial firm resistance is 0.6233, 20-day EMA (pierced). The 50-day EMA is at 0.6346.

• RES 4: 165.43 High Nov 8 
• RES 3: 164.90 High Dec 30 and a key short-term resistance  
• RES 2: 164.55 High Jan 7
• RES 1: 162.14/89 50-day EMA / High Jan 15 
• PRICE: 160.46 @ 20:04 GMT Jan 17 
• SUP 1: 159.73 Low Jan 17     
• SUP 2: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle   
• SUP 3: 158.67 Low Dec 11
• SUP 4: 158.24 76.4% retracement of the Dec 3 - 30 bull cycle

EURJPY traded lower last Thursday marking an extension of the current bear cycle. The cross has pierced support at 160.04, the Jan 13 low. A clear break of this level would strengthen a bearish threat and signal scope for a deeper retracement. The next price point to watch is 159.51, a Fibonacci retracement. On the upside, a move above 162.89, the Jan 15 high, would reinstate the recent bullish theme.