ASIA: Coming up in the Asian session on Thursday

• DALY SEES POLICY ADJUSTMENT COMING; REMAINS UNCLEAR ON TIMING
• DALY SAYS FED'S MANDATE GOALS ARE COMING INTO BETTER BALANCE

• RES 4: 1.3899 High Nov 1 and a key resistance
• RES 3: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
• RES 2: 1.3755/3792 High Jul 2 / High Jun 11
• RES 1: 1.3689 High Jul 15
• PRICE: 1.3677 @ 21:18 BST Jul 15
• SUP 1: 1.3590/89 Low May 16 and a key support / Intraday low
• SUP 2: 1.3547 Low Apr 9
• SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
• SUP 4: 1.3478 Low Apr 4

USDCAD has recovered from last week’s low. However, a short-term bear threat remains present. The recent break of the 50-day EMA - currently at 1.3666, reinforces a bearish condition and exposes 1.3590, the May 16 low and a key support. It has been pierced, a clear breach of it would highlight an important technical break. Initial firm resistance to watch is 1.3755, the Jul 2 high. Clearance of this level would be bullish.

• RES 4: 0.6895 High Jul 13 / 14 2023
• RES 3: 0.6871 High Dec 28 and a key resistance
• RES 2: 0.6839 High Jan 02
• RES 1: 0.6799 High Jul 11
• PRICE: 0.6760 @ 21:11 BST Jul 15
• SUP 1: 0.6703 20-day EMA
• SUP 2: 0.6657 50-day EMA
• SUP 3: 0.6576 Low Jun 10 and a key support
• SUP 4: 0.6558 Low May 8

AUDUSD bullish conditions remain intact and the pair is holding on to its recent gains. The move higher last week marks an extension of the recent breach of resistance at 0.6714, the May 16 high. The clearance of 0.6714, confirmed a resumption of the bull leg that started Apr 19. Sights are on 0.6839 next, the Jan 2 high. Key short-term support has been defined at 0.6576, the Jun 10 low. Initial firm support is at 0.6703, the 20-day EMA.