January 25 2022
Despite Better AUD data this morning, downside pressure looks likely to prevail.
Support is found at 0.7100/0.7090, which if broken will see further weakness to 0.7040. Resistance is found at 0.7180 and again at 0.7220/30.
The USD finally cracked resistance at 1.2570/80, and as always seems to be the case recently with the USDCAD it slightly overshot its target at 1.2660 to hit 1.2690 .
Corrective dips have been limited to 1.2630 and while this area holds expect more attempts to break up targeting 1.2700/20.
A break below 1.2630/20 would see a test of 1.2570 support.
The Kiwi is finding some support on the dips to 0.6670, however unless the NZD can break back above 0.6740 further downside pressure will emerge.
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