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Fresh Cycle Lows Registered On Wednesday

AUD

AUD/GBP registered a fresh cycle low on Wednesday at £0.5198 in the aftermath of Australia weaker than forecast CPI print. Support was seen below £0.52 and losses were pared through the session.

  • The pair sits at £0.5220/25, falling ~0.4% yesterday and is ~3.5% off the high on June 12. AUD/GBP also sits ~10% year to date lows seen in early February.
  • On the downside bears look to sustain a break below £0.52, this opens the £0.50 handle and lows from March 2020 at £0.4795.
  • Bulls first look to break the 20-Day EMA (£0.5297), from here they can target the high from June 12 (£0.5405).
  • The next event risk is today's May Retail Sales print from Australia, which crosses in just over two hours. A rise of 0.1% M/M is expected.
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