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AUD/GBP: Lowest Level Since Feb 2022

AUD

AUD/GBP fell ~1.2% yesterday to print its lowest level since February 2022. Having met resistance at the 20-Day EMA early in the week, the pair fell after the RBA held the cash rate steady at 3.6%. The bank also watered down its hawkish guidance at the margins.

  • The pair printed a low of £0.5387 before marginally paring losses to sit a touch above £0.54.
  • Bears now target the 2022 low at £0.5202, a break through here opens up £0.50, round number resistance.
  • Bulls first target a break of the 20-Day EMA (£0.5466) to turn the tide.
  • Looking ahead the data calendar for Australia and the UK look relatively thin for the remainder of the week, tomorrow's Trade Balance figures from Australia provide the highlight.
  • Note we do have RBA Governor Lowe's speech later today, which could shed some light on yesterday's RBA decision. This comes just after the RBNZ outcome, which could also see some spillover to the AUD.
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