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AUD/GBP: Firms Above 20-Day EMA, Australia CPI On Tap

AUD

AUD/GBP firmed above the 20-Day EMA (£0.5110), closing above the measure for the first time since late-July rising ~0.5% on Tuesday.

  • The pair is stable in early dealing today and last prints at £0.5125/30.
  • Bulls now look to target the high from 2 Aug (£0.5182), a break through here opens the high from 31 July (£0.5247). The 200-Day EMA comes in at £0.5369.
  • Despite yesterday's rally, and the recovery off cycle lows in recent dealing, the pair remains in a downtrend. Bears target a break of cycle lows (£0.5007) which opens £0.4862 a Fibonacci projection and the March 2020 low at £0.4795.
  • July CPI from Australia is on tap today, a down tick in inflation to 5.2% Y/Y from 5.4% is expected.
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