January 18 2022
USDCAD came back strongly from the 1.2450/60 lows, however the recovery stalled at 1.2570 resistance. The USD now finds support at 1.2490/80 and looks to be trying to build a base for another run up to 1.2570.
If 1.2570 can be clearly broken the next target for the USDCAD recovery is 1.2620. However, there is a risk of a retest at 1.2460, if the USD struggles to build a base.
0.7200 is providing some support for the AUD to recover towards 0.7240/50 Resistance.
The downside seems to be the more vulnerable side, and a clear break of 0.7200 opens a retest of 0.7150 support.
The NZD managed to break above 0.6860 for a few hours but failed to hold onto its gains. The result of that failure, is that we are now testing the resolve of the buyers at 0.6790/80 support. If we hold here you could see a recovery to 0.6850/60 resistance.
A break down of 0.6780 targets 0.6740. Above 0.6860 we target 0.6890/0.6900.
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