US EARNINGS: Meta Reported Strong Results, Revenue Forecast Misses

Many markets in the APAC region are either closed today as well as tomorrow or have early closes today. Here is a list.

• Japan, South Korea and Thailand are closed.
• New Zealand closes at 12:45 local time and Australia at 14:10 AEDT.
• Other early finishes include Hong Kong at 12:00, Philippines at 11:55 and Singapore at 12:00.
• In other parts of the world, Germany and Italy have holidays, the UK closes at 12:30 and France at 14:05. 

The USD was weaker as Treasury yields fell with BBDXY falling to a low of 1300.63 but then recovering to finish up 0.1% driven by the US equity sell off, which also benefited the yen. 

• USDJPY trended lower through the European/US sessions to be down 0.7% at 156.80 after a low of 156.67 earlier. Bullish conditions remain though with initial resistance at 158.08 and support at 155.89.
• Commodity currencies were stronger against the greenback with CAD appreciating the most. USDCAD fell 0.4% to 1.4355.
• Aussie and Kiwi also strengthened with AUDUSD up 0.1% to 0.6220 after reaching 0.6247, the bearish trend persists though, and NZDUSD slightly higher at 0.5638 off the intraday high of 0.5664. AUDNZD is flat at 1.1033 after falling to a low of 1.1008.
• European FX underperformed with both the euro and pound down 0.2% against the US dollar at 1.0400 and 1.2548 respectively. NOK bucked the trend and was one of the stronger G10 performers helped by rising oil prices.
• Equities were weak with the S&P down 1.1% and Euro stoxx -0.6%. Oil prices are higher with Brent up 0.4% to $74.10/bbl. Copper fell 0.8% and iron ore is stronger rising above $101/t.
• Data today includes December South Korean CPI and China’s December PMIs.

• RES 4: 1.4578 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: 1.4388 @ 16:13 GMT Dec 30
• SUP 1: 1.4336 Low Dec 20  
• SUP 2: 1.4269/4093 20- and 50-day EMA values 
• SUP 3: 1.4011 Low Dec 5 
• SUP 4: 1.3928 Low Nov 25 and a key support 

USDCAD bulls remain in the driver’s seat and the pair is holding on to the bulk of its recent gains. The latest pause appears to be a flag formation - a bullish continuation signal. Note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4269, the 20-day EMA. A pullback would be considered corrective.