AUDNZD: Prints Lowest Level Of 2023
AUD/NZD prints at $1.0705/10, ~0.1% softer in today's trading.
- AUD/NZD has now retraced 61.8% of the Dec-Feb bull leg.
- The cross briefly dealt below the $1.07 handle late in yesterday's session, printing a fresh YTD low at $1.0697.
- Bears now target the 76.4% retracement of the Dec-Feb bull leg ($1.0617), a break through there opens 2022 lows at $1.0471.
- Bulls target the 20-Day EMA ($1.0840) to turn the tide.
- Yield spreads are mostly skewed in NZD's favor still, with spreads sitting close to recent lows., albeit with a good degree of volatility in recent sessions.
Source: MNI/Bloomberg
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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.
