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AUD

Higher Energy Prices Lend Support

JPY

Yen Stabilises After Downtick

JGB TECHS

(Z1) Edges Through Support

NZD

New Zealand Returns From Long Weekend

AUSSIE BONDS

Westpac: Q3 CPI Is A Potential Gamechanger

Bearish Focus

EURGBP TECHS
  • RES 4: 0.9085 High Jan 6
  • RES 3: 0.8930/96 50-day EMA / High Jan 12
  • RES 2: 0.8862/0.8925 20-day EMA / High Jan 18 and key resistance
  • RES 1: 0.8840 High Feb 4
  • PRICE: 0.8768 @ 06:13 GMT Feb 8
  • SUP 1: 0.8711 Low May 11, 2020
  • SUP 2: 0.8691 Low May 5, 2020
  • SUP 3: 0.8671 Low Apr 30, 2020 and a key support
  • SUP 4: 0.8661 2.0% 10-dma envelope

The EURGBP bearish case strengthened on Feb 4 as the downtrend accelerated. The cross has breached the 1.0% 10-dma envelope base of 0.8750 and 0.8748, 61.8% of the Feb - Mar 2020 rally. Moving average studies are also still pointing south reinforcing current trend conditions. The focus is on 0.8711 next, the May 11, 2020 low. On the upside, initial resistance is at 0.8840.