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Brent Option Expiry: Mon 27th June


Short End Gap Bid


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AUSSIE TECHS: Approaches Trendline Resistance
*RES 4: 0.6750 High Feb 12
*RES 3: 0.6782/95 50-dma / High Feb 20
*RES 2: 0.6662 38.2% Jan - Feb decline
*RES 1: 0.6642/45 Trendline resistance drawn off the Jan 2 high / High Mar 3
*PRICE: 0.6609 @ 17:03 GMT Mar 4
*SUP 1: 0.6510 Low Mar 3
*SUP 2: 0.6434 Low Feb 28 and bear trigger
*SUP 3: 0.6422 1.382 projection of Jan 16 - Feb 4 decline from Feb 5 high
*SUP 4: 0.6392 1.50 projection of Jan 16 - Feb 4 decline from Feb 5 high
AUDUSD is well off Friday's lows but still has hurdles to clear before a base is
confirmed. Price action is trading just short of an important trendline
resistance drawn off the Jan 1 high. The line intersects at 0.6642. A break of
the trendline would improve the outlook for the Aussie and also pave the way for
a climb towards 0.6695. On the downside, initial support lies at 0.6510. The key
support though is at 0.6434, the Feb 28 low. A break would resume the downtrend.

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