The English Pound remains well supported of late against the Australian Dollar (AUD) as the cross continues its June bull run against a struggling Australian Dollar (AUD) with price at 0.5645 (1.7720) in early Tuesday trading. UK Inflation came is bang on expectations at 9.1% a 40-year high increasing from 9.0% as the cost-of-living crisis worsens based on food, energy and gas costs. It’s worth noting that some analysts think inflation may be slowing while inflation is expected to climb to over 11.0% over the next few months, work that out? On the calendar we have a speech by Governor Bailey, hopefully he may give out his grand plans for rises to their cash rate over the coming months. On the chart we have a nice “head and shoulder” pattern in play showing the likelihood of a push towards 0.5550 (1.8000) is possible in the short to medium term.
Current Level: 0.5642 (1.7724)
Resistance: 0.5790 (1.8100)
Support: 0.5525 (1.7270)
Last Weeks Range: 0.5613-0.5715 (1.7495-1.7814)