RUSSIA: Kremlin-No Comment On Potential Xi Visit; Putin Could Attend G20
Wires carrying comments from Kremlin spox Dmitri Peskov, stating that it has 'nothing to say' on the Reuters report that Chinese President Xi Jinping could visit Moscow for talks with President Vladimir Putin as early as next week. Peskov said there was nothing to say, and that announcements on such visits are usually coordinated.
- Asked on India reportedly abiding by the rules of the G7-imposed oil price cap on Russia, Peskov states that 'We will be guided by our contracts with India, not news reports.' Last week, Peskov stated that Russia did not recognise any price cap on Russian oil, saying that "We do not and will not recognise any cap. We are working so that this system does not harm our own interests."
- Russia remains keen not to antagonise India. The country has fastidiously maintained its neutral stance in the war on Ukraine, abstaining in UN votes and refusing to condemn Russia's actions despite strong overtures from the West towards PM Narendra Modi's gov't. The loss of Indian demand for hydrocarbons would dent Russia's coffers, meaning even if India does abide by the price cap Moscow is unlikely to criticise or punish Delhi's actions.
- Kremlin refused to rule out Putin potentially attending the G20 summit in India in late 2023. Putin did not attend last year's G20 summit in Bali, Indonesia. Should Putin attend it could spark a mass boycott by Western leaders, or alternatively see them seek to present a united front against the Russian leader in person.
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Historical bullets
USDCAD TECHS: Recent Gains Considered Corrective
- RES 4: 1.3751 High Nov 4
- RES 3: 1.3705 Dec 16 and the bull trigger
- RES 2: 1.3665 High Jan 6
- RES 1: 1.3475/3521 High Feb 6 / 19 and key short-term resistance
- PRICE: 1.3368 @ 17:04 GMT Feb 10
- SUP 1: 1.3345/3262 Low Feb 10 / 2
- SUP 2: 1.3226 Low Nov 15 and bear trigger
- SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
- SUP 4: 1.3131 0.764 proj of the Oct 13 - Nov 15 - Dec 16 price swing
USDCAD is consolidating and price remains above its recent low of 1.3262 on Feb 2. A bearish threat remains present and recent short-term gains are most likely a correction. A resumption of weakness and a break of 1.3262, Feb 2 low, would strengthen bearish conditions and open 1.3226, the Nov 15 low and the bear trigger. On the upside, the pair needs to clear 1.3521, the Jan 19 high, to signal a stronger reversal.
AUDUSD TECHS: Trend Needle Points North Despite Recent Pullback
- RES 4: 0.7245 2.00 proj of the Nov 21 - Dec 13 - Dec 20 price swing
- RES 3: 0.7202 High Jun 9
- RES 2: 0.7172 1.764 proj of the Nov 21 - Dec 13 - Dec 20 price swing
- RES 1: 0.7082/0.7158 High Feb 3 / 2 and the bull trigger
- PRICE: 0.6919 @ 16:59 GMT Feb 10
- SUP 1: 0.6856 Low Feb 6
- SUP 2: 0.6781 38.2% retracement of the Oct 13 - Feb 2 uptrend
- SUP 3: 0.6755 Trendline support drawn from the Oct 13 low
- SUP 4: 0.6688 Low Jan 3
AUDUSD is unchanged Friday. The uptrend remains intact, however, the recent move lower highlights a correction that is allowing a recent overbought trend condition to unwind. Price has pierced support at 0.6883, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Key resistance and the bull trigger have been defined at 0.7158, the Feb 2 high. A break would resume the uptrend.
AUDUSD TECHS: Trend Needle Points North Despite Recent Pullback
- RES 4: 0.7245 2.00 proj of the Nov 21 - Dec 13 - Dec 20 price swing
- RES 3: 0.7202 High Jun 9
- RES 2: 0.7172 1.764 proj of the Nov 21 - Dec 13 - Dec 20 price swing
- RES 1: 0.7082/0.7158 High Feb 3 / 2 and the bull trigger
- PRICE: 0.6919 @ 16:59 GMT Feb 10
- SUP 1: 0.6856 Low Feb 6
- SUP 2: 0.6781 38.2% retracement of the Oct 13 - Feb 2 uptrend
- SUP 3: 0.6755 Trendline support drawn from the Oct 13 low
- SUP 4: 0.6688 Low Jan 3
AUDUSD is unchanged Friday. The uptrend remains intact, however, the recent move lower highlights a correction that is allowing a recent overbought trend condition to unwind. Price has pierced support at 0.6883, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Key resistance and the bull trigger have been defined at 0.7158, the Feb 2 high. A break would resume the uptrend.
