FX levels to watch: EUR/USD, GBP/USD and AUD/USD
The main mover of the morning has been AUD/USD, which is falling after consumer price index (CPI) grew at a slower pace, boosting the possibility of an RBA rate cut.
EUR/USD supported above $1.12
EUR/USD dips into the zone around $1.12 continue to find buyers, as we saw yesterday, but a close below $1.118 would be bearish and mark a resumption of the downtrend seen since January.
A close above $1.127 is needed to suggest that a reversal is in the making.
GBP/USD still under pressure
An attempt yesterday to move back above $1.30 would have provided a more bullish view for GBP/USD, but the turnaround suggests that the sellers remain in control.
Further declines target $1.2773, and then down to $1.2635.
Weaker CPI print sinks AUD/USD
The downward move in AUD/USD has gathered pace, with the pair breaking lower and heading towards $0.7003, the low from early March.
Below this $0.6973 and then $0.6828 are areas of possible support.
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