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SocGen: CPI To Struggle To Fall Below 4-5% In Months Ahead


Bearish Outlook


Nordea: CPI To Display Further Stubbornly High Prices

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Near-Term Outlook More Neutral

  • RES 4: 0.7523 50-day EMA
  • RES 3: 0.7503 High Jul 13
  • RES 2: 0.7487 High Jul 15
  • RES 1: 0.7429 High Jul 19
  • PRICE: 0.7347 @ 17:09 BST Aug 12
  • SUP 1: 0.7290 Low Jul 21 and the bear trigger
  • SUP 2: 0.7284 Low Nov 24, 2020
  • SUP 3: 0.7235 1.382 proj of Feb 25 - Apr 1 - May 10 price swing
  • SUP 4: 0.7222 Low Nov 13, 2020

AUDUSD rallied into the close Wednesday, but has faded since, keeping the near-term outlook looking more neutral. Bulls need further progress from here, to cement any near-term recovery, with 0.7416 the first notable level of resistance ahead of 0.7429, the Jul 19 high. For the bearish outlook to firm, markets need to slip through this week's low of 0.7316 ahead of the 0.7290 bear trigger.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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