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(M2) Corrective Cycle Still In Play

AUSSIE 3-YEAR TECHS
  • RES 3: 98.350 - High Mar 3
  • RES 2: 97.975 - High Mar 16
  • RES 1: 97.530 - High Mar 31
  • PRICE: 96.872 @ 15:38 BST Jun 08
  • SUP 1: 96.675 - Low May 4 and the bear trigger
  • SUP 2: 96.612 - 3.0% Lower Bollinger Band
  • SUP 3: 96.570- 0.5% 10-dma envelope

The primary trend direction in Aussie 3yr futures remains down and prices have begun to drift back toward levels last seen at the beginning of May. A primary bearish price sequence of lower lows and lower highs remains intact and moving average studies point south. A resumption of weakness would open 96.612 - the 3.0% lower Bollinger Band as well as 96.570, the lower band of a moving average envelope. Key short-term resistance is at 97.530, the Mar 31 high.

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

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