WTI TECHS: (H5) Challenging Support

• RES 4: $2762.3 - High Nov 1  
• RES 3: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg
• RES 2: $2726.2 - High Dec 12    
• RES 1: $2665.3/2692.8 - High Jan 3 / High Dec 13     
• PRICE: $2641.3 @ 07:30 GMT Jan 7 
• SUP 1: $2596.2/2583.6 - Low Dec 30 / 19   
• SUP 2: $2564.4 - Low Nov 18
• SUP 3: $2536.9 - Low Nov 14 and a key support 
• SUP 4: $2511.1 - Low Sep 12  

Gold is unchanged. A bear threat remains present despite the latest recovery. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. The first firm support to watch is $2583.6, the Dec 19 low. On the upside, a resumption of gains would instead signal scope for a climb towards resistance at $2726.2, the Dec 12 high.

• The Dollar was mostly in the red against G10s, and is the early mover going into the European session, testing intraday lows against KRW, HKD, PLN, SGD, SEK, AUD, MYR, CHF, EUR, GBP, and starting to see some small offers emerging against the NOK.
• The Kiwi is the best performer up 0.41%, but despite the offered Dollar, most Pairs/Crosses still trade within Ranges.
• As such the NZDUSD is still short of Yesterday's peak of 0.5685, but the more interesting area is at 0.5718, this is not a Tech level but where it was exchanging hands pre the Hawk FOMC on the 18th December.
• The AUDUSD saw that FOMC reversal Yesterday, was trading circa 0.6305 pre Fed meeting, printed a 0.6302 high Yesterday just ahead of the small resistance at 0.6308.
• For the likes of the EUR, EURUSD would need a jump back to 1.0487 to unwind the initial post FOMC sell off.