January 27 2022
USDCAD recovered strongly from a brief dip below support at 1.2570 to test the recent highs. Immediate resistance is being tested at 1.2700/10 and if broken the USD should be able to to 1.2740/50, possibly with the longer term target of 1.2800 coming into play
First good support is going to be found at 1.2620 and then the key 1.2570/60.
The AUDUSD is breaking support at 0.7100 this morning, looking to target 0.7060/50. Immediate resistance is now found 0.7110/20.
However, in my view the AUD looks a like it is moving into oversold territory right now. Although I am by no means bullish on the AUD, I think we may see a bounce from either 0.7060 or 0.7020 back to 0.7140 and possibly 0.7170.
The NZD is looking to test 0.6610/0.6600 this morning.
In my view the kiwi is due a correction back to 0.6680/0.6700 resistance. However, if the downside pressure continues the next support after 0.6600 is found at 0.6560.
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