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(U3) Soft CPI Steadies Prices

AUSSIE 3-YEAR TECHS
  • RES 3: 97.380 - High Mar 20 and a major resistance (cont)
  • RES 2: 97.190 - High May 5 (cont)
  • RES 1: 96.730 - High Jun 2
  • PRICE: 96.180 @ 15:23 BST Jul 31
  • SUP 1: 95.730 - Low Jul 8
  • SUP 2: 95.451 - 2.618 proj of the Mar 21 - May 2 - May 5 price swing
  • SUP 3: 95.161 - 1.0% 10-dma envelope

Aussie 3yr futures were supported by the softer-than-expected CPI release last week, concluding the modest weakness off the recent high. This keeps markets on a more even keel, with the bounce off July 7th lows now seemingly having concluded. Further progress is needed before any challenge of first resistance of 96.730. Key support sits below at 95.960, the Jun 17 2022 low (cont). 95.451 represents the next downside level, a Fibonacci projection.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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