LOOK AHEAD: US Macro Week Ahead: July CPI/PPI Reports

A US official told Axios that Washington had struck military targets in the Strait of Hormuz

• The strikes on July 8th are wider in scope than the strikes on the day before, said the official.
• Targets include Iranian military coastal radars, anti-ship missile positions, and air defense systems.
• See article here: https://www.axios.com/2026/07/08/us-strikes-iran-targets-strait-of-hormuz-second-day

• RES 4: 0.7223 High May 15
• RES 3: 0.7149/7201 High Jun 4 / High May 29
• RES 2: 0.7088 High Jun 15 and a key short-term resistance
• RES 1: 0.6969/0.7029 20- and 50-day EMA values
• PRICE: 0.6935 @ 21:19 BST Jul 8
• SUP 1: 0.6865 Low Jun 30
• SUP 2: 0.6833 Low Mar 30 and a key support
• SUP 3: 0.6757 38.2% retracement of the Apr 9 ‘25 - May 6 bull cyle
• SUP 4: 0.6707 High Sep 17 2025 

A bear cycle in AUDUSD remains intact and short-term gains are considered corrective. Price has recently pierced a key support marked by the base of a bull channel drawn from the Apr ‘25 low - currently at 0.6933. A clear channel breakout would highlight a stronger reversal. This would open 0.6833, the Mar 30 low and a key support. Key short-term resistance is 0.7088, the Jun 15 high. Initial resistance is at 0.6969, the 20-day EMA.

“At the direction of the Commander in Chief, U.S. Central Command forces have started conducting additional strikes against Iran to further degrade their ability to threaten freedom of navigation in the Strait of Hormuz. The United States is holding Iran accountable for recent unjustified aggression against commercial shipping and civilian crews freely navigating a vital international waterway.”