USD: The Dollar is down against all the Major, Tariffs are at the forefront

• RES 4: 6178.75 High Dec 6 and key resistance   
• RES 3: 6163.75 High Dec 16  
• RES 2: 6068.25/6107.50 High Jan 6 / High Dec 26 
• RES 1: 5991.72 50-day EMA and a pivot resistance          
• PRICE: 5893.50 @ 07:22 GMT Jan 14 
• SUP 1: 5809.00 Low Jan 13        
• SUP 2: 5784.00 Low Nov 4 
• SUP 3: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
• SUP 4: 5658.00 Low Sep 12 ‘24

A bear threat in the S&P E-Minis contract remains present and the contract traded to a fresh short-term low on Monday. The reversal from the Dec 26 high, confirms the end of the Dec 20 - 26 correction. 5866.00, the Dec 20 low and a key short-term support, has been cleared. This strengthens a bearish theme and sights are on 5784.00, the Nov 4 low and an important short-term support. Initial pivot resistance is seen at 5991.72, the 50-day EMA.

•  A red start for the Dollar going into the Europe session, losing a few more pips against the ILS, TWD, ZAR as well as the DXY hovering near its session low.
• Reports that the Trump team is looking for a more gradual approach on Tariffs has favoured some USD unwound, and as such the Greenback sits in the red against all the majors, although the CAD, MXN and the Yen trade closer to flat.
• Early best performer is the Kiwi, up 0.57%, but nothing too impressive if you consider that NZDUSD has fallen a whopping 13.12% since the 30th September and that Friday's and Yesterday's lows were the lowest printed levels since October 2022.
• That short term double low of 0.5542, will be the initial support, while small resistance is seen towards 0.5642 initially.

• 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: $2698.0 - High Jan 10     
• PRICE: $2670.1 @ 07:22 GMT Jan 14
• SUP 1: $2642.9 - 50-day EMA   
• SUP 2: $2596.2/2583.6 - Low Dec 30 / 19
• SUP 3: $2564.4 - Low Nov 18 
• SUP 4: $2536.9 - Low Nov 14 and a key support 

Recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to the bulk of last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2642.9, the 50-day EMA.