BP and ADNOC Form GAS JV With Initial Focus In Egypt

• RES 4: 1.3538 50.0% retracement of the Nov 1 - Dec 27 bear leg
• RES 3: 1.3480 200-dma
• RES 2: 1.3455 50-day EMA
• RES 1: 1.3443 High Jan 11
• PRICE: 1.3409 @ 08:02 GMT Jan 15
• SUP 1: 1.3288/3177 Low Jan 5 / Low Dec 27
• SUP 2: 1.3093 Low Jul 14 and key support
• SUP 3: 1.3055 2.0% 10-dma envelope
• SUP 4: 1.2992 50.0% retracement of the 2021 - 2022 bull phase

USDCAD traded higher last Thursday, building on recent gains. The broader trend outlook is unchanged and remains bearish. Tthe latest recovery is considered corrective. Resistance to watch is at the 50-day EMA, at 1.3455. A clear break of it would strengthen a bullish theme and open 1.3480, the 200-dma. For bears, a reversal lower would signal the end of the correction and attention would turn to 1.3177, the Dec 27 low and bear trigger.

• RES 4: 0.6921 High Feb 20
• RES 3: 0.6900 High Jun 16 and a key resistance
• RES 2: 0.6871 High Dec 28 and the bull trigger
• RES 1: 0.6771 High Jan 3
• PRICE: 0.6669 @ 07:57 GMT Jan 15
• SUP 1: 0.6641 Low Jan 05
• SUP 2: 0.6628 Trendline support drawn from the Oct 26 low
• SUP 3: 0.6571 50.0% Fibonacci retracement for Oct - Dec Upleg
• SUP 4: 0.6526 Low Dec 7 and key support

AUDUSD remains in consolidation mode. The recent move lower still appears to be a correction and medium-term trend directional signals continue to point north. Moving average studies highlight an uptrend and trendline support - at 0.6628 - drawn from the late October low, remains intact. The trendline represents an important support. On the upside key resistance is unchanged at 0.6871, the Dec 28 high.