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Resistance Above €0.61 Handle

AUD

AUD/EUR trimmed some of its recent losses yesterday, aided by a softer-than-forecast US CPI print which boosted risk sentiment. However resistance was seen above €0.61 and gains were marginally pared.

  • The pair rose ~0.4% and sits a touch below the €0.61 handle. The pair sits ~1% above late June lows, however over the course of 2023 we sit ~4.5% lower.
  • Bulls target a break of yesterday's high (€0.6113) which opens the 20-Day EMA (€0.6122). From here the high from 21 June (€0.6227) presents as the next upside target.
  • On the downside bears look to break below the low from June 28 (€0.6041) which opens up year to date lows at €0.5959. €0.5867 the 50% retracement of the 2020-2022 Bull leg is the next downside support level.
  • Australian July Consumer Inflation Expectations cross in just over 90 minutes and further out we have the final print of French CPI in June.
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