FED: FOMC Rate Hike Sentiment Is Subdued ... But It's Starting To Bubble Up
Since the January meeting, we've detected a further shift to the hawkish end of the spectrum across ...
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ASIA: Coming Up In The Asia-Pac Session On Monday
| 2145GMT | 0545HKT | 0845AEDT | New Zealand Nov Building Permits |
| 2145GMT | 0545HKT | 0845AEDT | New Zealand Nov Filled Jobs |
| 0000GMT | 0800HKT | 1100AEDT | Australia Dec Melbourne Institute Inflation |
| 0030GMT | 0830HKT | 1130AEDT | Australia Dec ANZ-Indeed Job Advertisements |
| 0200GMT | 1000HKT | 1300AEDT | China Dec Trade Balance |
| 0315GMT | 1115HKT | 1415AEDT | Eurozone ECB's Lane & Rehn Speak at AFF |
USDCAD TECHS: Trend Structure Remains Bullish
- RES 4: 1.4674 2.0% 10-dma envelope
- RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4467 High Dec 19
- PRICE: 1.4424 @ 19:40 GMT Jan 10
- SUP 1: 1.4337/4280 20-day EMA / Low Jan 6
- SUP 2: 1.4232 Low Dec 17
- SUP 3: 1.4181 50-day EMA
- SUP 4: 1.4011 Low Dec 5
The trend set-up in USDCAD remains bullish and the recent move down is considered corrective. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. 1.4337, the 20-day EMA, has recently been pierced. A clear break of the average would open 1.4181, the 50-day EMA.
AUDUSD TECHS: Southbound
- RES 4: 0.6471 High Dec 9
- RES 3: 0.6374 50-day EMA
- RES 2: 0.6341 High Dec 18
- RES 1: 0.6257/0.6302 20-day EMA / High Jan 6
- PRICE: 0.6148 @ 19:39 GMT Jan 10
- SUP 1: 0.6140 Low Jan 10
- 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 Friday’s sell-off reinforces this theme. The pair has 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 to monitor is 0.6257, 20-day EMA. The 50-day EMA is at 0.6374.
