STIR: 43bp Of BoE Cuts Priced For This Cycle, Looking Through Firm Non-Core CPI

• RES 4: 0.6759 High Oct 11 ‘24   
• RES 3: 0.6723 High Oct 21 ‘24 
• RES 2: 0.6707 High Sep 17 and a key resistance
• RES 1: 0.6661/86 High Dec 16 / 10
• PRICE: 0.6636 @ 07:35 GMT Dec 22 
• SUP 1: 0.6593 Low Dec 18
• SUP 2: 0.6568 50-day EMA 
• SUP 3: 0.6517 Low Nov 27 
• SUP 4: 0.6466/21 Low Nov 26 / 21 

The trend condition in AUDUSD remains bullish and recent weakness appears corrective. The move down has allowed an overbought condition to unwind. Support at the 20-day EMA, at 0.6599, has been pierced. The 50-day average is at 0.6568. The area between the two averages represents a key short-term support zone. A resumption of gains would refocus attention on key resistance at 0.6707, the Sep 17 high and bull trigger.

• RES 4: 121.33 High Oct 21 and a key resistance area 
• RES 3: 121.37 High Nov 13 
• RES 2: 121.24 High Nov 26 
• RES 1: 120.34/77 High Dec 17 / 3   
• PRICE: 119.70 @ Close Dec 22
• SUP 1: 119.52 Intraday low           
• SUP 2: 119.13 Low Dec 10 and the bear trigger 
• SUP 3: 118.00 Round number support
• SUP 4: 118.84 2.000 proj of the Nov 13 - 20 - 26 price swing 

Recent gains in BTP futures appear to have been a correction. The contract did trade above initial resistance at 120.17, the Nov 20 low. A resumption of gains would signal scope for an extension towards 120.77, the Dec 3 high. On the downside, attention is on key support at 119.13, the Dec 10 low and a bear trigger. Clearance of this level would confirm a resumption of the downtrend.

• RES 4: $70.16 - High Jun 23 and a key medium-term resistance 
• RES 3: $64.97 - High Sep 26
• RES 2: $61.25 - High Oct 24 and a key resistance  
• RES 1: $58.74 - 50-day EMA    
• PRICE: $57.22 @ 07:16 GMT Dec 22
• SUP 1: $54.89 - Low Dec 16
• SUP 2: $54.71 - Low Apr 9 and a key support
• SUP 3: $53.77 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
• SUP 4: $52.27 - 2.000 proj of the Jul 30 - Aug 13 - Sep 26 price swing   

The trend condition in WTI futures remains bearish and short-term gains are considered corrective. MA studies are in a bear-mode position, highlighting a dominant downtrend. A key support and the bear trigger at $56.11, the Oct 17 low, has been breached. Clearance of this level resumes the downtrend and opens $53.77, a Fibonacci projection. Key short-term resistance to watch is $61.25, the Oct 24 high. First resistance is at $58.74, the 50- day EMA.