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CPI Rises 0.8% Y/Y

AUD

CPI comes in broadly in line across the board with a modest 0.1ppt beat in headline numbers. CPI rose 3.8% Y/Y against estimates of 3.7%, weighted median CPI rose 1.7% Y/Y in-line with estimates.

  • AUD sheds a few pips following the release, last up 7 pips at 0.7369. From a technical perspective the outlook for AUD/USD remains bearish. This follows the recent breach of a channel drawn from the Feb 25 high and despite the fact that price bounced back into the channel area, the move lower marks an important technical break. This signal potential for a move towards 0.7235 next, a 1.236 projection of the Feb 25 - Apr 1 - May 10 price swing. On the upside, initial resistance to watch is at 0.7429, Jul 19 high.

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